CLEVELAND, Dec. 24 /PRNewswire-FirstCall/ -- Hawk Corporation
(NYSE Alternext US: HWK) announced today that it has completed the sale of
Quarter Master Industries, Inc. to COMP Cams, a leading provider of camshafts
to the high performance racing market located in Memphis, Tennessee.
The sale completes Hawk's previously announced strategy to divest the
performance racing segment in order to focus 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 1,200 employees at 14
manufacturing, research, sales and international rep offices and
administrative sites in 8 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.
