NEW YORK--(BUSINESS WIRE)--Jan. 6, 2014--
Griffon Corporation (“Griffon”) (NYSE:GFF) today announced that,
effective December 31, 2013, its subsidiary, Ames True Temper (“Ames”),
acquired Northcote Pottery (“Northcote”), founded in 1897 and a leading
brand in the Australian outdoor planter and decor market. The
acquisition of Northcote complements Southern Patio, acquired in 2011,
and adds to Ames’ existing lawn and garden operations in Australia.
The purchase price for Northcote approximated $24 million, financed
through a combination of cash and local borrowings. The acquisition is
expected to contribute approximately $28M in annualized revenue and be
immediately accretive to Griffon.
Forward-looking Statements
“Safe Harbor” Statements under the Private Securities Litigation Reform
Act of 1995: All statements related to, among other things, income,
earnings, cash flows, revenue, changes in operations, operating
improvements, industries in which Griffon Corporation (the “Company” or
“Griffon”) operates and the United States and global economies that are
not historical are hereby identified as “forward-looking statements” and
may be indicated by words or phrases such as “anticipates,” “supports,”
“plans,” “projects,” “expects,” “believes,” “should,” “would,” “could,”
“hope,” “forecast,” “management is of the opinion,” “may,” “will,”
“estimates,” “intends,” “explores,” “opportunities,” the negative of
these expressions, use of the future tense and similar words or phrases.
Such forward-looking statements are subject to inherent risks and
uncertainties that could cause actual results to differ materially from
those expressed in any forward-looking statements. These risks and
uncertainties include, among others: current economic conditions and
uncertainties in the housing, credit and capital markets; the Company’s
ability to achieve expected savings from cost control, integration and
disposal initiatives; the ability to identify and successfully
consummate and integrate value-adding acquisition opportunities;
increasing competition and pricing pressures in the markets served by
Griffon’s operating companies; the ability of Griffon’s operating
companies to expand into new geographic and product markets and to
anticipate and meet customer demands for new products and product
enhancements and innovations; reduced military spending by the
government on projects for which Telephonics Corporation supplies
products, including as a result of sequestration; increases in the cost
of raw materials such as resin and steel; changes in customer demand;
the potential impact of seasonal variations and uncertain weather
patterns on certain of Griffon’s businesses; political events that could
impact the worldwide economy; a downgrade in the Company’s credit
ratings; changes in international economic conditions including interest
rate and currency exchange fluctuations; the reliance by certain of
Griffon’s businesses on particular third party suppliers and
manufacturers to meet customer demands; the relative mix of products and
services offered by Griffon’s businesses, which could impact margins and
operating efficiencies; short-term capacity constraints or prolonged
excess capacity; unforeseen developments in contingencies, such as
litigation; unfavorable results of government agency contract audits of
Telephonics Corporation; Griffon’s ability to adequately protect and
maintain the validity of patent and other intellectual property rights;
the cyclical nature of the businesses of certain Griffon’s operating
companies; and possible terrorist threats and actions and their impact
on the global economy. Such statements reflect the views of the Company
with respect to future events and are subject to these and other risks,
as previously disclosed in the Company’s Securities and Exchange
Commission filings. Readers are cautioned not to place undue reliance on
these forward-looking statements. These forward-looking statements speak
only as of the date made. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
About Griffon Corporation
Griffon Corporation 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. In order to
further diversify, Griffon also seeks out, evaluates and, when
appropriate, will acquire additional businesses that offer potentially
attractive returns on capital.
Griffon currently conducts its operations through three segments:
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Home & Building Products consists of two companies, Ames True Temper,
Inc. (“ATT”) and Clopay Building Products Company, Inc. (“CBP”):
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ATT is a global provider of non-powered landscaping products that
make work easier for homeowners and professionals.
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CBP is a leading manufacturer and marketer of residential,
commercial and industrial garage doors to professional installing
dealers and major home center retail chains.
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Telephonics Corporation designs, develops and manufactures
high-technology, integrated information, communication and sensor
system solutions for use in military and commercial markets worldwide.
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Clopay Plastic Products Company, Inc. 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
Griffon Corporation
Douglas J. Wetmore,
212-957-5000
Chief Financial Officer
or
Investor
Relations:
ICR Inc.
Anthony
Gerstein, 646-277-1242
Senior Vice President
