WILMINGTON, N.C., Oct. 17, 2013 (GLOBE NEWSWIRE) -- Global Earth Energy, Inc.'s partner Hawk Manufacturing (HAWK) based in Charleston, SC, signs letter-of-intent through its Trump Equipment Company (TEC) subsidiary to acquire Swing Equipment Company of San Antonio, TX (SWING). The acquisition is expected to close on or before December 1, 2013. HAWK expects to use existing financing facilities of more than $25 million to close the transaction on behalf of its subsidiary, TEC.
SWING first opened for business on February 12, 1947. Ed Friedrich Company, H.B. Zachary Company, Acme Iron Works, Kelly Air force Base and what would become City Public Service were some of the first to do business with SWING.
SWING's first lines represented were cutting tools from Chicago-Latrobe Twist Drill, Threadwell Tap, and Greenfield. Also, they represented machine tools from Nebel Lathe Co., American Machine Tool Works, and Kearney & Trecker Milwaukee Machine Tools. SWING Machinery was the early distributor of the original Millers Falls Tool Company product line of hand tools and saw blades.
Today, SWING is celebrating 57 years of Service to South Texas and Mexico with the best lines of tools and equipment to the trade, specializing in personalized service to clients which require engineered applications and particular stocking programs. In the Metalworking Industry, Aerospace Industry, fabrication and assembly, SWING offers access to quality lines at scheduled pricing and inventory.
GLER reports that HAWK is acquiring companies that manufacture complementary products. When combined, these acquisitions would allow for the sharing of resources and provide customer diversification opportunities. HAWK intends to keep all manufacturing US-based while, preserving and expanding well-paying US jobs; proving a world-class manufacturing company can be built with US-employees. HAWK intends to use existing credit facilities for more than $10 million to complete transactions and intends to work with various states and local governments and finance authorities on tax incentives, and direct benefits that could top more than $40 million over the life of the company.
For more information about Global Earth Energy please contact Rich Kaiser, YES INTERNATIONAL, Business Consultant, 757-306-6090.
For more information about Hawk Manufacturing, please contact John M. Ragsdale, CEO, Hawk Manufacturing at 843-817-6016.
This news release contains forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.