Hawk focuses on core and gains AMEX share listing

摘要

ONE OF the best-known North American PM parts makers has changed direction by focusing hard on its primary businesses. Hawk Corporation, of Cleveland, Ohio, is focusing on its friction products and PM parts business segments to improve global competitiveness and support long-term growth. In a new strategic repositioning plan, the company is moving its friction products operations from Brook Park, Ohio, to a new 255,000 square-foot plant. Hawk expects 3 million dollars in annual pre-tax savings when full production goes on stream. About 200 people are employed at the Brook Park plant. Hawk anticipates a pretax charge of 1.9 million dollars in the fourth quarter of 2003 related to curtailing a defined benefit pension plan covering most of the hourly employees. The company also expects future pre-tax charges of approximately 3.5 million dollars - 4 million dollars from the relocation of the Brook Park operation and employee severance expenses. Hawk intends to sell its motor segment business and anticipates a pre-tax non-cash charge of approximately 5.1 million dollars in the fourth quarter of 2003 relating to discontinuing operations and another 1.0 million dollars - 1.5 million dollars in charges in 2004 related to the sale.