NEW YORK--(BUSINESS WIRE)--May 1, 2014--
The Board of Directors of Griffon Corporation (NYSE:GFF) authorized the
repurchase of up to an additional $50 million of Griffon’s outstanding
common stock. Under this repurchase program, the Company may purchase
shares, depending upon market conditions, in open market or privately
negotiated transactions, including pursuant to a 10b5-1 plan.
Approximately $4.5 million remains pursuant to the August 2011
authorization. Since the resumption of share repurchases in 2011,
Griffon has repurchased $107 million of its common stock, inclusive of
the December 2013$50 million repurchase from an affiliate of Goldman
About Griffon Corporation
Griffon Corporation (the “Company” or “Griffon”) is a diversified
management and holding company that conducts business through
wholly-owned subsidiaries. Griffon 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. Griffon also seeks out,
evaluates and, when appropriate, will acquire additional businesses that
offer potentially attractive returns on capital to further diversify
Griffon currently conducts its operations through Ames, Clopay Building
Products (“CBP”), Telephonics Corporation (“Telephonics”) and Clopay
Plastic Products Company (“Plastics”). CBP and Ames comprise the Home &
Building Products operating segment.
Home & Building Products is a leading manufacturer and marketer of
residential, commercial and industrial garage doors to professional
installing dealers and major home center retail chains, as well as a
global provider of non-powered landscaping products that make work
easier for homeowners and professionals.
Telephonics designs, develops and manufactures high-technology,
integrated information, communication and sensor system solutions for
use in military and commercial markets worldwide.
Plastics is an international leader in the development and production
of embossed, laminated and printed specialty plastic films used in a
variety of hygienic, health-care and industrial applications.
For more information on Griffon and its operating subsidiaries, please
see the Company’s website at www.griffoncorp.com.
Source: Griffon Corporation
J. Wetmore, 212-957-5000
Chief Financial Officer
Anthony Gerstein, 646-277-1242