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Press Release

Griffon to Repurchase $50 million of Common Stock

NEW YORK--(BUSINESS WIRE)--Nov. 13, 2013-- Griffon Corporation (“Griffon” or the “Company”) (NYSE:GFF) announced today that it will repurchase 4,444,444 shares of its common stock for $50 million from an affiliate of Goldman Sachs. The repurchase will be effected in a private transaction at a per share price of $11.25, an approximate 9% discount to the stock’s closing price on November 12, 2013. The transaction is exclusive of the Company’s current $50 million authorized share repurchase program, of which $12 million remained as of September 30, 2013. After closing of the transaction, Goldman Sachs will continue to hold approximately 5.56 million shares (approximately 10%) of Griffon’s common stock. Goldman Sachs has also agreed that, subject to certain exceptions, if it intends to sell its remaining shares of Griffon common stock at any time prior to December 31, 2014, it will first negotiate with the Company in good faith to sell the shares to the Company.

Griffon will fund the purchase with cash on hand and the transaction will be completed in December.

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

Source: Griffon Corporation

Griffon Corporation
Douglas J. Wetmore
Chief Financial Officer
Investor Relations:
ICR Inc.
Anthony Gerstein
Senior Vice President

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