CLEVELAND, March 20 /PRNewswire-FirstCall/ -- Hawk Corporation (Amex:
HWK) announced today the appointment, effective immediately, of B.
Christopher DiSantis as its President and COO. The announcement was made by
Ronald E. Weinberg, who remains as Chairman and CEO of the company.
DiSantis will continue to report to Mr. Weinberg.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080320/CLTH042 )
(Logo: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO )
DiSantis joined Hawk in December 2000 as head of Corporate Development
and launched the Company's Six Sigma program. From 2002 to 2006, DiSantis
went on to serve as President of two of Hawk's operating groups: Hawk
Motors, which manufactured electrical motor components, and Hawk Precision
Components, which manufactured powder metal parts. Both divisions were
subsequently sold.
Together, with the Company's CFO, Joseph J. Levanduski, DiSantis led
the creation of Hawk's strategic focus on friction materials. He was
promoted to President of Wellman Products and Hawk Racing, Hawk's friction
products and racing segments, in May 2006 and will remain in those posts,
as well as assuming the Presidency of Hawk. Mr. DiSantis graduated summa
cum laude from Dartmouth College in 1993. In addition, he is a Six Sigma
Black Belt.
Ronald E. Weinberg stated, "I am really pleased to be making this
announcement. With Chris, we have created a strong management team that has
clarity of focus and I am confident will be able to deliver impressive
results for the entire Hawk, Wellman and Racing family of customers,
shareholders and employees."
The Company
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Hawk Corporation is a leading worldwide supplier of highly engineered
products. Its friction products group is a leading supplier of friction
materials for brakes, clutches and transmissions used in airplanes, trucks,
construction and mining equipment, farm equipment, recreational and
performance automotive vehicles. The Company's performance racing group
manufactures clutches and gearboxes for motorsport applications and
performance automotive markets. Headquartered in Cleveland, Ohio, Hawk has
approximately 1,150 employees at 13 manufacturing, research, sales and
administrative sites in 7 countries.
Forward-looking Statements
--------------------------
This press release includes forward-looking statements concerning sales
and operating earnings. These forward-looking statements are based upon
management's expectations and beliefs concerning future events. Forward-
looking statements are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of the Company and
which could cause actual results to differ materially from such statements.
These risks and uncertainties include, but are not limited to: the
Company's ability to execute its business plan to meet its forecasted
results from continuing operations; the costs and outcome of the ongoing
SEC and DOJ investigations; decisions by the Company regarding the use of
proceeds from the sale of its precision components segment, including
acquisition opportunities; the impact on the Company's gross profit margins
as a result of changes in product mix; the Company's vulnerability to
adverse general economic and industry conditions and competition; work
stoppages by union employees; ongoing capital expenditures and investment
in research and development; compliance with government regulations;
compliance with environmental and health and safety laws and regulations;
the effect of any interruption in the Company's supply of raw materials or
a substantial increase in the price of raw materials; the effect on the
Company's international operations of unexpected changes in legal and
regulatory requirements, export restrictions, currency controls, tariffs
and other trade barriers, difficulties in staffing and managing foreign
operations, political and economic instability, difficulty in accounts
receivable collection and potentially adverse tax consequences; the effect
of foreign currency exchange rates as the Company's non-U.S. sales continue
to increase; reliance for a significant portion of the Company's total
revenues on a limited number of large organizations and the continuity of
business relationships with major customers; and the loss of key personnel.
Actual results and events may differ significantly from those projected
in the forward-looking statements. Reference is made to Hawk's filings with
the Securities and Exchange Commission, including its annual report on Form
10-K for the year ended December 31, 2007, its quarterly reports on Form
10-Q, and other periodic filings, for a description of the foregoing and
other factors that could cause actual results to differ materially from
those in the forward-looking statements. Any forward-looking statement
speaks only as of the date on which such statement is made, and the Company
undertakes no obligation to update any forward-looking statement, whether
as a result of new information, future events or otherwise.
Hawk Corporation is online at: http://www.hawkcorp.com/
SOURCE Hawk Corporation
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Related links:
http://www.hawkcorp.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20080320/CLTH042
http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Ronald E. Weinberg of Hawk Corporation,
+1-216-861-3553; Investor Relations: John Baldissera, BPC
Financial Marketing, +1-800-368-1217
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