Hawk Corp. sells unit for $94M |
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Published
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Fri, 02 Feb 2007 22:49
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CLEVELAND, Ohio (AFX) - Hawk Corp., a makes of brakes, clutches and transmissions, said Friday it completed the $94.2 million sale of one of its business units to a private equity firm.Hawk sold its Precision Components Group, which makes metal precision components and metal injection molded components, to an entity formed by Saw Mill Capital Partners, a private equity firm based in Briarcliff Manor, N.Y., and some of the group's managers.The sale included $93.5 million in cash and $700,000 in assumed debt, Hawk said in a statement. Hawk said it will use the proceeds for internal growth and a potential stock buyback.Shares of Hawk were up 7 cents to $11 in Friday afternoon trading on the American Stock Exchange, where they have traded between $9.77 and $16 over the past 52 weeks.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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