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Press Release

Griffon Names Michael A. Sarrica as President of Ames True Temper

NEW YORK--(BUSINESS WIRE)--Jan. 21, 2014-- Griffon Corporation (“Griffon” or “the Company”) (NYSE:GFF), a diversified holding company, announced that it has appointed Michael A. Sarrica as President of Ames True Temper (“Ames”), the leading U.S. and a global provider of non-powered landscaping products. Ames products have made work easier for homeowners and professionals since 1774.

Ronald J. Kramer, Griffon’s CEO, commented “Mike Sarrica is a market focused leader with hands on experience in operations, manufacturing and innovation. We look forward to continuing to grow the Ames business with an emphasis on delivering customer satisfaction. We expect Mike’s leadership to have an immediate impact on Ames.”

Mr. Sarrica was most recently President of DRS Network and Imaging Systems, a multi-site organization which serves various military, industrial and commercial markets. DRS Network and Imaging Systems is a subsidiary of DRS Technologies, Inc., a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. Mr. Sarrica held a variety of management and leadership roles at DRS from 1994 to January 2014.

Mr. Sarrica, along with Steven M. Lynch, President of Clopay Building Products, will report to Robert F. Mehmel, Griffon’s President and Chief Operating Officer. Eugene C. Colleran, formerly Chief Executive Officer of Griffon’s Home & Building Products segment and of Ames, has left the Company.

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:

  • Home & Building Products consists of two companies, Ames True Temper, Inc. (“ATT”) and Clopay Building Products Company, Inc. (“CBP”):

    - ATT is a global provider of non-powered landscaping products that make work easier for homeowners and professionals.

    - CBP is a leading manufacturer and marketer of residential, commercial and industrial garage doors to professional installing dealers and major home center retail chains.

  • Telephonics Corporation designs, develops and manufactures high-technology, integrated information, communication and sensor system solutions for use in military and commercial markets worldwide.
  • 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.

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.

Source: Griffon Corporation

Griffon Corporation
Douglas J. Wetmore
Chief Financial Officer
212-957-5000
or
Investor Relations:
ICR Inc.
Anthony Gerstein
Senior Vice President
646-277-1242

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