24th November 2008 - Hawk Corporation Announces $15.0 Million Stock Repurchase Program

Hawk Corporation has announced a plan to repurchase up to $15.0 million worth of the Company's common stock

The plan, which was approved by the Company's Board of Directors, conditions share repurchases on the Company's complying with covenants in its bank credit facility and senior note indenture. The Company is in compliance with the covenants in its bank credit facility and its senior lender has consented to allow for the repurchase of up to $15.0 million of the Company's common stock. Currently, under the covenant formula applicable to stock repurchases in the indenture, the Company can repurchase $10.5 million of its common stock.

Under the program, the Company's shares can be purchased from time to time in the open market, through privately negotiated transactions, a trading plan satisfying the safe harbor provisions of Rule 10b5-1 and Rule 10b-18 under the Securities and Exchange Act of 1934, or otherwise in accordance with securities laws and regulations. The timing and amount of any repurchases will be determined by the Company's management, based on its evaluation of market conditions, share price and other factors. The Company has no obligation to repurchase shares under the repurchase program and the timing, actual number of shares to be purchased and the purchase prices to be paid by the Company will depend in part on market conditions during the program. The Company has approximately 9.0 million shares outstanding.

The Company

Hawk Corporation is a leading supplier of friction materials for brakes, clutches and transmissions used in airplanes, trucks, construction and mining equipment, farm equipment, recreational and performance automotive vehicles. Headquartered in Cleveland, Ohio, Hawk has approximately 1,200 employees at 14 manufacturing, research, sales and international rep offices and administrative sites in 8 countries.