Griffon Corporation Announces $50mm Share Buyback Authorization
NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Griffon Corporation (NYSE: GFF) (the “Company” or “Griffon”) 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 64,706 shares for a total of $1.1 million in the current quarter through and including August 2, 2016, $14.6 million was available from the July 2015 authorization. Accordingly, Griffon now has a total of $64.6 million available for the purchase of its shares of common stock.
From August 2011 to June 30, 2016, Griffon repurchased 15,020,853 shares of common stock, for a total of $195,364 or $13.01 per share, under Board authorized repurchase programs. Under this 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 conducting 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 business segments:
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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 for homeowners and professionals.
- CBP is a leading manufacturer and marketer of residential, commercial and industrial garage doors to professional dealers and major home center retail chains.
- Telephonics Corporation designs, develops and manufactures high-technology, integrated information, communication and sensor system solutions for 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 new website at www.griffon.com.
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Griffon Corporation:
Brian G. Harris, 212-957-5000
SVP
& Chief Financial Officer
or
Investor Relations:
ICR
Inc.
Michael Callahan, 203-682-8311
Senior Vice President
Source: Griffon Corporation