NEW YORK--(BUSINESS WIRE)--Dec. 10, 2012--
Griffon Corporation (“Griffon”) (NYSE: GFF), a diversified holding
company, announced that Robert F. Mehmel has been named President and
Chief Operating Officer. Mr. Mehmel joins Griffon after serving as
President and Chief Operating Officer of DRS Technologies (“DRS”), a
leading defense technology supplier of integrated products, services and
support to military forces, intelligence agencies and prime contractors
worldwide.
Mr. Mehmel will report directly to Ronald J. Kramer, Griffon’s CEO, and
will be based in New York. In this newly created role, Mr. Mehmel will
have oversight over Griffon’s operating businesses and the development
of corporate strategy.
Mr. Kramer commented: "We are pleased to have Bob join us as we continue
to build our company. He brings a strong record of improving operating
performance throughout his career. I'm excited to have him join our
management team as we position Griffon for future growth in our existing
businesses and expansion through acquisitions.”
Mr. Mehmel was at DRS for twelve years, serving most recently as
President and Chief Operating Officer from 2008 to October 2012. Mr.
Mehmel oversaw a company with annual revenues of $4 billion and 10,000
employees, and was responsible for business operations, strategic
planning and corporate development. DRS was acquired by Italian
Aerospace and Defense conglomerate Finmeccanica S.pA. in October 2008.
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 Telephonics Corporation supplied
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 could impact 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 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 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.
Source: Griffon Corporation
Griffon Corporation
Douglas J. Wetmore
Chief Financial
Officer
212-957-5000
712 Fifth Avenue, 18th Floor
New
York, NY 10019
or
Investor Relations
ICR Inc.
Anthony
Gerstein
Senior Vice President
646-277-1242
