NEW YORK--(BUSINESS WIRE)--Jan. 17, 2012--
Griffon Corporation (“Griffon” or “the Company”) (NYSE: GFF), a
diversified holding company, announced that it has appointed Alan H.
Koblin as President of its Clopay Plastics business. Clopay 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.
Mr. Koblin will report directly to Ronald J. Kramer, Griffon’s Chief
Executive Officer. Mr. Kramer commented, “We are pleased that Alan
Koblin has joined Clopay Plastics to lead our efforts. We have a
significant opportunity to grow and enhance our profitability in the
plastics business. I’m excited to have Alan working with us to implement
our strategy and to drive superior value to our shareholders.”
Mr. Koblin joins Griffon from Silgan Plastics, a leading North American
supplier of plastic packaging for the personal care, healthcare,
household and industrial chemical and food markets. Mr. Koblin joined
Silgan in 1992 and has held a variety of leadership roles, most recently
as President, a position he assumed in 2007. Prior to joining Silgan,
Mr. Koblin held various positions of increasing responsibility with
Churchill Industries, Occidental Chemical Corporation, and Gulf Oil
Corporation.
Gary A. Abyad, who has been President of Clopay Plastics since 2002 and
with the Company since 1997, will assume the new role of Senior Advisor.
In this new position, Mr. Abyad, who will report directly to Mr. Koblin,
will have a significant role in maintaining and strengthening customer
relationships.
Forward-looking Statements
“Safe Harbor” Statements under the Private Securities Litigation Reform
Act of 1995: All statements related to, among other things, income,
earnings, cash flows, revenue, changes in operations, operating
improvements, industries in which Griffon Corporation (the “Company” or
“Griffon”) operates and the United States and global economies that are
not historical are hereby identified as “forward-looking statements” and
may be indicated by words or phrases such as “anticipates,” “supports,”
“plans,” “projects,” “expects,” “believes,” “should,” “would,” “could,”
“hope,” “forecast,” “management is of the opinion,” “may,” “will,”
“estimates,” “intends,” “explores,” “opportunities,” the negative of
these expressions, use of the future tense and similar words or phrases.
Such forward-looking statements are subject to inherent risks and
uncertainties that could cause actual results to differ materially from
those expressed in any forward-looking statements. These risks and
uncertainties include, among others: current economic conditions and
uncertainties in the housing, credit and capital markets; the Company’s
ability to achieve expected savings from cost control, integration and
disposal initiatives; the ability to identify and successfully
consummate and integrate value-adding acquisition opportunities,
including the acquisition of Ames True Temper; increasing competition
and pricing pressures in the markets served by Griffon’s operating
companies; the ability of Griffon’s operating companies to expand into
new geographic and product markets and to anticipate and meet customer
demands for new products and product enhancements and innovations; the
government reduces military spending on projects supplied by Telephonics
Corporation; increases in cost of raw materials such as resin and steel;
changes in customer demand; political events that could impact the
worldwide economy; a downgrade in the Company’s credit ratings;
international economic conditions including interest rate and currency
exchange fluctuations; the relative mix of products and services which
impacts margins and operating efficiencies; short-term capacity
constraints or prolonged excess capacity; unforeseen developments in
contingencies such as litigation; unfavorable results of government
agency contract audits of Telephonics Corporation; protection and
validity of patent and other intellectual property rights; the cyclical
nature of the business of certain Griffon operating companies; and
possible terrorist threats and actions, and their impact on the global
economy. Such statements reflect the views of the Company with respect
to future events and are subject to these and other risks, uncertainties
and assumptions relating to the operations, results of operations,
growth strategy and liquidity of the Company as previously disclosed in
the Company’s Securities and Exchange Commission filings. Readers are
cautioned not to place undue reliance on these forward-looking
statements. These forward-looking statements speak only as of the date
made. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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 True Temper
(“ATT”), Clopay Building Products (“CBP”), Telephonics Corporation
(“Telephonics”) and Clopay Plastic Products Company (“Plastics”). CBP
and ATT comprise the Home & Building Products operating segment.
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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.
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Telephonics designs, develops and manufactures high-technology,
integrated information, communication and sensor system solutions for
use in military and commercial markets worldwide.
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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.
Source: Griffon Corporation
Company Contact:
Griffon Corporation
Douglas
J. Wetmore, 212-957-5000
Chief Financial Officer
or
Investor
Relations Contact:
ICR Inc.
James
Palczynski, 203-682-8229
Principal and Director
