May 30, 2022 | Bill Esler
New York, NY—Griffon Corporation (NYSE:GFF) says its board of directors retained Goldman Sachs to review a sale, merger, divestiture, recapitalization, or other strategic transaction. Among other businesses, Griffon owns ClosetMaid as well as Clopay, which makes garage and commercial doors.
Griffon is not under duress, with business for 2022 expected to rise 34 percent, or about $120 million, projecting $475 million in revenue for the year during its second quarter results conference call on April 28. Garage doors manufacturers struggled to keep up during the most recent home construction boom. And the fast-growing closets market will be the subject of a full-day symposium at IWF 2022.
“We have executed a substantial transformation, which started in 2018 with the divestiture of the Plastics business and the acquisitions of ClosetMaid and Cornell Cookson,” says CEO and Chairman Ronald J. Kramer.”
No timeline was set for the review and Griffon says it will not comment on the process until the board approves a specific transaction or concludes its review.
Griffon is a diversified management and holding company that conducts business through wholly owned subsidiaries: Consumer and Professional Products, which sells tools under the Ames and TrueTemper brands and ClosetMaid home storage shelving and cabinetry products; and Home and Building Products, which operates as Clopay Corporation, selling garage and commercial overhead doors. Clopay is North America’s largest overhead door manufacturer, employing 2,700 including four manufacturing plants and 52 distribution centers.
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