NEW YORK--(BUSINESS WIRE)--
The Board of Directors of Griffon Corporation (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 Sachs.
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 itself.
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.
- Investment & Company Information
Douglas J. Wetmore, 212-957-5000
Chief Financial Officer
Anthony Gerstein, 646-277-1242
Senior Vice President