Hawk Completes Sale of PM Business
Hawk Corporation (Cleveland, Ohio) has completed the sale of its precision components segment (PM parts business) to an entity formed by Saw Mill Capital Partners, L.P. (Briarcliff Manor, N.Y.) and some members of the segment’s management team. The sale price was approximately $94.2 million. The cash portion of the purchase price includes proceeds from a preliminary working capital adjustment that remains subject to further adjustment by Hawk and Saw Mill. According to Hawk, it will use the proceeds for growth opportunities in its friction products and performance racing segments either internally or through acquisitions.