Hawk Corp. Announces Restructuring Plan
Hawk Corp. has initiated a new plan to focus on its two primary business segments — friction products and precision components, in an effort to improve the company’s global competitive cost position and support long-term growth initiatives in these segments. As part of the repositioning plan the company intends to achieve cost savings at its friction products segment by moving operations at its Brook Park, Ohio, location to a new U.S. production facility. Hawk also said it plans to sell its motor segment and engage the services of an investment banker to advise the company as it reviews strategic alternatives relating to Hawk’s Tex Racing business unit.
Kathleen Schmatz Takes Over as President and CEO of AAIA
Jan. 1 marked the first day of Kathleen Schmatz’ new role as president and CEO of the Automotive Aftermarket Industry Association (AAIA), a trade association representing more than 2,700 companies that manufacture, distribute and sell motor vehicle parts, accessories, tools, equipment, materials, supplies and services. Schmatz, who has served as AAIA’s executive vice president since January 2002, takes over the role from Al Gaspar, who retired at the end of 2003 after 30 years in the aftermarket industry. Gaspar is president emeritus and will serve as a consultant to the association.