| Jeff Berlin, 36, has been instrumental in the development of Hawk's leading position in friction materials and launching and building Hawk's fast-growing powder metal operations. He has played a pivotal role in identifying and pursuing acquisition candidates. Hawk's powder metal and precision engineered component businesses are included in his direct reports. |
How did you achieve the tremendous growth in powder metal in just five years?
Even though our powder metal sales were only $1.5 million in 1993, we were well under way with our implementation of a strategy that included internally growing our niche (large component) business at Wellman Friction and an aggressive search for acquisition candidates. Our search focused on powder metal component companies that were not completely dependent on automotive customers, had above-industry-average growth and profitability, and strong management teams willing to stay with the company after the acquisition. By 1993, we had already screened around 20 companies and established many more potential opportunities waiting for the sellers' timing.
"Our patience paid off in 1994 with our first powder metal acquisition, Helsel, Inc. in Indiana. Jess Helsel, one of the founders and leaders of the powder metal industry, joined Hawk with a strong operation and an aggressive growth plan that Hawk committed to fund. By the end of 1998, Hawk added three additional powder metal businesses, continued to achieve above-industry internal growth, and pushed its powder metal revenues to $53.5 million.
"Hawk has developed a reputation as one of the industry consolidators. We believe that the consolidation of the powder metal industry will continue, and plan to play an important role. The powder metal industry, which has grown at close to double-digit rates over the last 10 years, is expected to continue to grow as more applications are developed benefiting from the efficient and flexible powder metal process."