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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) June 8, 1998
HAWK CORPORATION
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(Exact name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
001-13797 34-1608156
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(Commission File Number) (I.R.S. Employer Identification No.)
200 Public Square, Suite 30-5000, Cleveland, Ohio 44114
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(Address of Principal Executive Office) (Zip Code)
(216)861-3553
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
On June 8, 1998, Hawk Corporation issued the press release attached hereto
as Exhibit 99.1 which is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
EXHIBITS
Exhibit 99.1 -- Press release dated June 8, 1998 issued by Hawk Corporation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Regitrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HAWK CORPORATION
Dated: June 8, 1998 By: /s/ Thomas A. Gilbride
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Thomas A. Gilbride
Its: Vice President--Finance
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EXHIBIT INDEX
Exhbit 99.1 Press release dated June 8, 1998 issued by Hawk Corporation.
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For Immediate Release EXHIBIT 99.1
HAWK CORPORATION ACQUIRES
POWDER METAL MANUFACTURING BUSINESS
Cleveland, Ohio (June 8, 1998)-- Hawk Corporation, (NYSE: HWK) a
Cleveland-based manufacturing company, announced that it has acquired
Clearfield Powdered Metals, Inc. a manufacturer of powder metal components.
Hawk financed the acquisition with available cash. Terms of the transaction
were not disclosed.
Clearfield, which is located in Clearfield, Pennsylvania, is a powder metal
component manufacturer primarily serving the lawn and garden, home appliance,
power hand tool, and truck markets. In 1997, Clearfield had net sales of $10.8
million which Hawk projects will grow to $12.0 million in 1998. Dennis L.
Merrey will continue as the President of Clearfield under Hawk ownership.
Commenting on the purchase, Mr. Merrey said, "We are excited about joining the
Hawk family of companies. There is a tremendous fit between our two businesses
that will truly benefit our customers and employees."
Jeff Berlin, Hawk's Executive Vice President, said "Hawk was attracted by
Clearfield's strong management team and superior results. The operations and
customer base at Clearfield are complementary to Hawk's other powder metal
companies."
Clearfield was founded by Mr. Merrey in 1984 and began production in January
1985. The manufacturing plant which is located in central Pennsylvania has
been expanded several times to reach its current size of 40,000 sq. ft. Hawk
plans to keep the operations in the current existing facility.
With the addition of Clearfield, Hawk now has four powder metal component
facilities covering a full range of manufacturing capability. Hawk's Helsel
division, located in Campbellsburg Indiana, concentrates on high precision
components for the hydraulics and fluid power industries. Hawk's Wellman
Friction products division specializes in large components for the
construction, agriculture, and truck markets. Sinterloy, which was purchased
by Hawk in August 1997, produces parts primarily for the business equipment
marketplace. The total revenues of Hawk's four powder metal facilities are
just under $60.0 million, making Hawk one of the leading manufacturers of
powder metal components for industrial applications.
Hawk, through its operating subsidiaries, designs, engineers, manufactures and
markets specialized components, principally made from powder metals, used in a
wide variety of aerospace, industrial and commercial applications. In addition
to its powder metal business, Hawk is a leading worldwide supplier of friction
products for brakes, clutches and transmissions used in aerospace, industrial
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and specialty applications. In addition, the Company designs and manufactures
die-cast aluminum rotors for small electric motors used in business machines,
appliances and exhaust fans. The Company's main manufacturing facilities are
located in Brook Park, Ohio; Medina, Ohio; Akron, Ohio; Campbellsburg, Indiana;
Alton, Illinois (outside St. Louis); Solon Mills, Illinois (outside Chicago);
Orzinuovi, Italy and Concord, Ontario, Canada.
This press release contains certain forward-looking statement with respect to
the future performance of Hawk Corporation that involve risks and
uncertainties. Various factors could cause the actual results of the Company
to be materially different from any future results expressed or implied by such
forward-looking statements. Without limitation, there is no assurance that
Hawk will be able to successfully integrate Clearfield into its existing
business, or that Clearfield will achieve results comparable to Hawk's existing
business. Reference is made to the Company's filings with the Securities and
Exchange Commission, including the Company's annual report on Form 10-K for the
period ended December 31, 1997 and the Company's quarterly report on Form 10-Q
for the period ended March 31, 1998, for a description of factors that could
cause actual results to differ materially from those in the forward-looking
statements.
For further information, please contact:
Jeffrey H. Berlin, Executive Vice President or
Thomas A. Gilbride, Vice President--Finance
(216) 861-3553
