CLEVELAND, Oct. 26 /PRNewswire-FirstCall/ -- Hawk Corporation (Amex:
HWK) announced today that it has retained Jefferies and Company, Inc. to
act as its exclusive financial advisor to assist the Company in exploring
the possible sale of its precision components group. That business segment
of the Company manufactures and sells powder metal precision components and
metal injection molded components used in industrial, consumer and other
applications.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO)
Ronald E. Weinberg, Chairman and CEO of Hawk stated, "Our precision
components group is an excellent business with very capable leadership. Our
exploration of a possible sale is based on focusing on the many growth
opportunities available to us in our friction products and performance
racing segments. Our friction business is examining initiatives on a global
basis and across many market segments and we intend to fully explore and
execute against them. Also, we are mindful of capital efficiency and its
role in maximizing shareholder value."
Mr. Weinberg added, "At this point in time, we are exploring
alternatives and there is no assurance that any discussions will result in
a transaction. We do not intend to further update our disclosure during the
course of this process until and unless our Board of Directors approves a
specific transaction."
The Company
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. Through its precision components group,
the Company is a leading supplier of powder metal and metal injected molded
components used in industrial, consumer and other applications, such as
pumps, motors and transmissions, lawn and garden equipment, appliances,
small hand tools and trucks. The Company's performance racing group
manufactures clutches and gearboxes for motorsport applications and
performance automotive markets. Headquartered in Cleveland, Ohio, Hawk has
approximately 1,800 employees at 17 manufacturing, research, sales and
administrative sites in 5 countries.
Forward Looking Statements
This press release includes forward-looking statements regarding Hawk's
exploring the possible sale of its precision components group and growth
opportunities in Hawk's friction products and performance racing segments.
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 that could cause actual
results to differ materially from such statements. Actual results and
events may differ significantly from those projected in the forward-looking
statements. Hawk cannot provide any assurance when a transaction involving
the precision components group will occur, or if a transaction will occur
at all. 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, 2005, its quarterly reports on Form 10-Q, and other
periodic filings, for a description of 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: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 & CEO,
+1-216-861-3553, or Joseph J. Levanduski, CFO, +1-216-861-3553,
both of Hawk Corporation
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