NEW YORK--(BUSINESS WIRE)--Nov. 1, 2012--
Griffon Corporation (“Griffon” or “the Company”) (NYSE: GFF), a
diversified holding company, announced that it has appointed Les H.
Ireland as President of Ames True Temper (“Ames”), the leading U.S. and
a global provider of non-powered landscaping products. Since 1774, Ames
products have made work easier for homeowners and professionals. Ames’
brands are among the most recognized in the industry, and include Ames®,
True Temper®, Garant®, Southern Patio™, Hound Dog®, Westmix™ and Dynamic
Design®, as well as professional brands such as Razor-Back®, Jackson®
and UnionTools®. Ames’ customers include leading home centers, mass
retailers, wholesale chains, lawn and garden centers and industrial
distributors in North America, Europe and Australia.
Ronald J. Kramer, Griffon’s CEO, commented “Les Ireland has a strong
operating background with extensive experience managing a leading global
consumer brand. Les is a terrific addition to our management team. We
expect his leadership to enhance our growth strategy for Ames.”
Mr. Ireland was previously with The Black and Decker Corporation, a
leading global manufacturer and marketer of power tools and accessories,
hardware and home improvement products. Mr. Ireland joined Black and
Decker in 1986 and held a variety of management and leadership roles,
most recently as President, North America – Power Tool & Accessory
Group, a position he held from 2008 to 2010. Since 2011, Mr. Ireland has
been on the advisory board of Graham Partners, a home and building
products private equity firm.
Mr. Ireland will report to Eugene C. Colleran, Chief Executive Officer
of Griffon’s Home & Building Products segment.
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.
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;
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; reduced military spending by the
government on projects for which Griffon’s Telephonics Corporation
supplies products; increases in the cost of raw materials such as resin
and steel; changes in customer demand; the potential impact of seasonal
variations and uncertain weather patterns on certain of Griffon’s
businesses; political events that could impact the worldwide economy; a
downgrade in the Company’s credit ratings; changes in international
economic conditions including interest rate and currency exchange
fluctuations; the reliance by certain of Griffon’s businesses on
particular third party suppliers and manufacturers to meet customer
demands; the relative mix of products and services offered by Griffon’s
businesses, 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;
Griffon’s ability to adequately protect and maintain the validity of
patent and other intellectual property rights; the cyclical nature of
the businesses of certain of Griffon’s 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, as 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.
Source: Griffon Corporation
Griffon Corporation
Douglas J. Wetmore,
212-957-5000
Chief Financial Officer
or
ICR Inc.
Investor
Relations:
Anthony Gerstein,
646-277-1242
Senior Vice President
