Griffon Corporation Completes Acquisition of ClosetMaid

10/2/17

NEW YORK--(BUSINESS WIRE)--Griffon Corporation (NYSE: GFF) has successfully completed its acquisition of ClosetMaid, a market leader of home storage and organization products. ClosetMaid is now part of Griffon’s Home and Building Products segment, which also includes Clopay Building Products and The AMES Companies.

“ClosetMaid is a terrific addition to Griffon’s Home and Building Products Segment, complementing and diversifying our portfolio of leading consumer brands and products,” said Ronald J. Kramer, Griffon’s Chief Executive Officer. “We are proud to add ClosetMaid to our family of iconic brands including AMES, True Temper and Clopay, and to welcome the ClosetMaid team to Griffon.”

Effective immediately, Michael A. Sarrica has been appointed President of ClosetMaid and will continue as a Griffon Senior Vice President reporting to Robert F. Mehmel, Griffon’s President and Chief Operating Officer. Mr. Sarrica was promoted to Senior Vice President, Operations of Griffon Corporation in January 2017 and was President of The AMES Companies from January 2014 to December 2016.

Mr. Kramer added, “Mike Sarrica has done an outstanding job strengthening AMES while developing its management team, and played a key role in the acquisition of ClosetMaid. I am confident that Mike’s proven operating expertise and leadership capabilities will guide ClosetMaid to enhanced growth and profitability.”

ClosetMaid headquarters will remain in Ocala, Florida and employs approximately 1,500 people in five countries.

About Griffon Corporation

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. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital.

Headquartered in New York, N.Y., the Company was founded in 1959 and is incorporated in Delaware. Griffon is listed on the New York Stock Exchanges and trades under the symbol GFF.

Griffon currently conducts its operations through three reportable segments:

  • Home & Building Products consists of three companies, The AMES Companies, Inc. (“AMES”), Clopay Building Products Company, Inc. (“CBP”), and ClosetMaid Corporation (“ClosetMaid”):
    • AMES, founded in 1774, is the leading U.S. manufacturer and a global provider of long-handled tools and landscaping products for homeowners and professionals.
    • CBP, since 1964, is a leading manufacturer and marketer of residential and commercial garage doors and sells to professional dealers and some of the largest home center retail chains in North America.
    • ClosetMaid, founded in 1965, is a leading North American manufacturer and marketer of closet organization, home storage, and garage storage products, and sells to some of the largest home center retail chains, mass merchandisers, and direct-to-builder professional installers.
  • Telephonics Corporation, founded in 1933, is recognized globally as a leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.
  • Clopay Plastic Products Company, Inc., incorporated in 1934, is a global leader in the development and production of embossed, laminated and printed specialty plastic films for hygienic, health-care and industrial products and sells to some of the world's largest consumer products companies.

For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.

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