| Hawk''s Wellman
Products Group awarded $1.0 million for the Development of Fuel Cell Technology
from Ohio''s Third Frontier Program
Hawk Corporation (Amex: HWK) announced
today that its Wellman Products subsidiary was awarded grant funding of
$1.0 million from the State of Ohio's Third Frontier Program for its Fuel
Cell Stack Subassembly Manufacturing project. This project will expand
upon Wellman's current fuel cell component manufacturing capabilities at
its Medina, Ohio operation, and is the first phase of an initiative aimed
at providing components for large stationary fuel cell units for use as
primary or secondary power sources. Wellman Products will provide advanced
engineered components for phosphoric acid fuel cells. The funds are expected
to be provided by the State of Ohio during 2007, and will be used for the
acquisition and implementation of an advanced manufacturing cell.
Ronald E. Weinberg, Chairman and
Chief Executive Officer of Hawk Corporation stated, "We are excited to
be involved with The State of Ohio in this fuel cell technology development
project. We are confident that this project will lead to growth opportunities
for us as fuel cells become an important source of alternative power generation
in the United States. Our expertise in advanced material technologies used
in the production of our friction products affords us with this exciting
opportunity to be a leader in the development of fuel cell components."
Mr. Weinberg continued, "The State of Ohio deserves credit for its leadership
position in supporting the development of leading edge technologies. All
of us at Hawk are pleased to be able to participate in this initiative."
The Third Frontier Project
The Ohio Fuel Cell Initiative is
a $103 million program that aims to create jobs in Ohio while positioning
the state as a national leader in the growing fuel cell industry. Fuel
cells provide an alternate energy source of energy which is non-polluting
and whose only by-product is water. The initiative is an integral part
of the Third Frontier Project which was initiated by the State of Ohio
in February 2002.
The Company
Hawk Corporation is a leading worldwide
supplier of highly engineered products. Its friction products group 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. The Company's performance
racing group manufactures clutches and gearboxes for motorsport applications
and performance automotive markets. Headquartered in Cleveland, Ohio, Hawk
has approximately 1,100 employees at 11 manufacturing, research, sales
and administrative sites in 5 countries.
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