Clopay Building Products Announces Expansion
Troy Manufacturing Facility Enhancement Will Bring Over 200 New Jobs
CINCINNATI (October 15, 2015) -- Clopay Building Products ("Clopay" or the "Company"), a wholly owned subsidiary of Griffon Corporation (NYSE: GFF), North America’s leading manufacturer and distributor of residential and commercial garage doors, today announced plans to expand its manufacturing facility in Troy, Ohio.
The expansion reflects increased customer demand for its core products, and Clopay’s success in bringing new technologies to market. The project includes improvements to its existing one million square foot building on 85 acres of land, as well as adding 200,000 square feet and new manufacturing equipment.
The State of Ohio and local governments have provided over $16 million in incentives, including low cost financing, tax incentives, and grants for the project. Included in this amount is a $10 million, 10-year, 3% fixed rate loan to purchase equipment. Construction is scheduled to begin this month and to be completed by mid-year 2016. Bruns General Contracting in Tipp City, Ohio has been awarded the construction contract.
Clopay currently employs over 900 people in the state of Ohio and plans to add over 200 new jobs at the Troy site by 2019.
"Clopay has a legacy of strong performance and has exceptional potential for growth. By expanding operations at our most technologically advanced facility, we will have the ability to meet future garage door demand and build on our 50-year heritage of innovation and leadership in the garage door industry," said Clopay President Steve Lynch.
Clopay purchased the Troy plant in 2006 to allow for improved manufacturing efficiencies and new product lines. The successful launch of its energy-efficient polyurethane insulated Intellicore door models in 2008 for both residential and commercial use has contributed to Clopay’s growth in the industry despite a difficult economic backdrop.
"Our state-of-the-art Troy facility benefits from a highly motivated and productive team. We are excited for our employees, the community, and our customers as the expansion will bring new jobs and opportunities for success," added Lynch. "Clopay is proud to expand in Troy and appreciates the supportive business environment and talented workforce the State of Ohio provides."
"Clopay’s decision to expand and add over 200 jobs for this highly competitive project shows its confidence in Troy’s community and workforce," said JobsOhio President and Chief Investment Officer John Minor. "Along with the Dayton Development Coalition, we are excited that this North American industry leader is growing its manufacturing presence here in Ohio."
"The City of Troy is very proud to be a part of the growth of Clopay Building Products," said Mayor Michael Beamish. "Clopay is an excellent employer. This expansion will provide over 200 job opportunities for Troy area residents. We are glad that the City of Troy is able to assist with this important project."
Clopay entered the garage door business in 1964 with the purchase of Baker-Aldor-Jones of Hialeah, Florida, and the purchase in 1969 of Francis Products in Russia, Ohio. Over the last fifty years, the company has grown to become a recognized leader in the overhead sectional door industry, marketing its building products under the brand names Clopay , Holmes Garage Door Company and IDEAL Door. Clopay owns and operates a network of 50 distribution centers and sells its products to over 2,000 independent professional dealers as well as major home center retail chains.
About Griffon Corporation
Griffon Corporation, headquartered in New York, N.Y., is a diversified management and holding company that conducts business through wholly-owned subsidiaries. The Company oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements other than statements of historical fact included in this release are forward-looking statements. Such forward-looking statements are based on the beliefs of the company’s management, as well as assumptions made by and information currently available to the company’s management. Actual results could differ materially from those contemplated by the forward-looking statements. Information concerning risks and uncertainties that may impact the company’s results and forward-looking statements are set forth in Griffon Corporation’s filings with the SEC. The company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.