UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM 8-K
______________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 20, 2015
GRIFFON CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware | 1-06620 | 11-1893410 | ||
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
712 Fifth Avenue, 18th Floor New York, New York | 10019 | |
(Address of Principal Executive Offices) | (Zip Code) | |
(212) 957-5000
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events
On March 20, 2015, Griffon Corporation issued a press release announcing that its Board of Directors authorized the repurchase of an additional $50 million of Griffon’s outstanding common stock. The press release is incorporated by reference herein. A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit | ||
Number | Exhibit Title | |
99.1 | Press Release, dated March 20, 2015. | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 20, 2015 | GRIFFON CORPORATION. | |
By: | /s/ Seth L. Kaplan | |
Name: Seth L. Kaplan | ||
Title: Senior Vice President | ||
EXHIBIT INDEX
Exhibit | ||
Number | Exhibit Title | |
99.1 | Press Release, dated March 20, 2015. | |
Exhibit 99.1
Griffon Announces $50mm Share Buyback Authorization
NEW YORK, NEW YORK, March 20, 2015 – The Board of Directors of Griffon Corporation (NYSE: GFF) authorized the repurchase of an additional $50 million of Griffon’s outstanding common stock. Prior to this authorization and after giving effect to the purchase of 1,341,200 shares for a total of $20.1 million in the current quarter through and including March 19, 2015, approximately $6.5 million was available from the prior May 2014 authorization. Accordingly, Griffon now has a total of $56.5 million available for the purchase of its shares of common stock.
Since August 2011 through March 19, 2015, Griffon has repurchased 9,361,103 shares of its common stock under Board authorized plans for a total of $104.6 million, or $11.17 per share. Under the new authorization, the Company may purchase shares, depending upon market conditions, in open market or privately negotiated transactions, including pursuant to a 10b5-1 plan.
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, The Ames Companies, Inc. (“Ames”) and Clopay Building Products Company, Inc. (“CBP”): |
• | Ames 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.
Company Contact: Investor Relations Contact:
Douglas J. Wetmore Michael Callahan
Chief Financial Officer Senior Vice President
Griffon Corporation ICR Inc.
(212) 957-5000 (203) 682-8311
712 Fifth Avenue, 18th Floor
New York, NY 10019
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