CLEVELAND, Ohio — Hawk Corp. has announced a plan to repurchase up to $15 million of the company’s common stock. Cleveland, Ohio-based Hawk is a 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 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 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.