CLEVELAND, May 30 /PRNewswire-FirstCall/ -- Hawk Corporation (AMEX:
HWK) announced today that the Company has completed the sale of Tex Racing
Enterprises Inc. to Leonard C. Long, a manufacturer of motorsport
components based in Cleona, Pennsylvania and Charlotte, North Carolina. The
Company continues to negotiate with potential buyers for the sale of its
remaining performance racing operation, Quarter Master Industries, Inc.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO )
The completed sale and the continuing negotiations are the result of
Hawk's announced strategy to divest the performance racing segment in order
to concentrate on its friction related businesses. The Company will retain
its Hawk Performance(R) brake business which manufactures brake and clutch
materials for racing and other performance automotive applications and
which has always been a component of its friction products segment.
The Company's financial statements and all other information reflect
the performance racing segment as a discontinued operation for financial
reporting purposes. Terms of the transaction were not disclosed.
The Company
Hawk Corporation 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. Headquartered in Cleveland, Ohio, Hawk has
approximately 1,100 employees at 11 manufacturing, research, sales and
administrative sites in 7 countries.
Forward Looking Statements
This press release includes forward-looking statements that involve
risks and uncertainties. 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 sell the remaining portion of its performance racing
segment on a timely basis and at terms favorable to the Company. 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 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/20001129/HWKLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Ronald E. Weinberg, Chairman and CEO, or
Joseph J. Levanduski, CFO, both of Hawk Corporation,
+1-216-861-3553
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