Hawk Corp. buys $13.2 million of its stock under repurchase program
9:00 am, June 9, 2009
Hawk Corp. (NYSE: HWK) has reached for now the limit on stock repurchases provided for in its senior note indenture. The maker of friction products for brakes and clutches said its $15 million stock repurchase program originally was announced last Nov. 24. As of June 8, 2009, Hawk had purchased 983,322 shares at an average price per share of $13.42. It bought the shares at prices between $9.85 and $17.95 per share. As of June 8, Hawk had 8,055,648 shares outstanding.
Under a formula applicable to stock repurchases in Hawk’s senior note indenture, the company was able to repurchase $13.2 million of its common stock through the current period. Hawk said it reserves the right to repurchase additional shares under the approved plan when the bank credit facility and senior note indenture allow.
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