4/18/2008
Hawk to Sell Performance Racing Segment
Hawk Corp.'s board of directors has authorized the company to sell its performance racing segment, which consists of Quarter Master Industries, Inc. and Tex Racing Enterprises, Inc. The two businesses engineer, manufacture and market premium branded clutch, transmission and driveline systems for the performance racing market.
The segment reported net sales of $12.8 million for the year ended Dec. 31, 2007, accounting for 5.6 percent of the company's total net sales for the year. The company will retain its Hawk Performance brake business, which will remain a part of its friction products segment.
Hawk Corp. is currently evaluating the impact that the sale of the performance racing segment will have on the company's financial statements as well as to its previously announced 2008 financial guidance. Hawk will reflect the performance racing segment as a discontinued operation in its March 31 financial results. The company said it is in discussions with several parties.
For more information about Hawk Corp., go to: http://www.hawkcorp.com.
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