NEW YORK--(BUSINESS WIRE)--The Board of Directors of Griffon Corporation (NYSE:GFF) (the “Company” or “Griffon”) declared a special cash dividend of $1.00 per share. The dividend is payable on April 16, 2018 to shareholders of record as of the close of business on March 29, 2018. This special dividend, along with the two $0.07 quarterly dividends announced earlier this fiscal year, will bring total fiscal 2018 dividends through March 8, 2018 to approximately $54 million.
“With the sale of Clopay Plastics, the continued growth of our businesses and our strong balance sheet, we are pleased to return capital to shareholders through this special dividend,” said Ronald J. Kramer, Griffon’s Chairman and CEO. “We remain well positioned to execute on our business plan, invest in growth opportunities and continue to seek out strategic acquisition targets.”
About Griffon Corporation
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. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital.
Headquartered in New York, N.Y., the Company was founded in 1959 and is incorporated in Delaware. Griffon is listed on the New York Stock Exchange and trades under the symbol GFF.
Griffon currently conducts its operations through two reportable segments:
Home & Building Products consists of three companies, The AMES
Companies, Inc. (“AMES”), Clopay Building Products Company,
Inc. (“CBP”) and ClosetMaid LLC (“ClosetMaid”):
- AMES, founded in 1774, is the leading U.S. manufacturer and a global provider of long- handled tools and landscaping products for homeowners and professionals.
- CBP, since 1964, is a leading manufacturer and marketer of residential and commercial garage doors and sells to professional dealers and some of the largest home center retail chains in North America.
- ClosetMaid, founded in 1965, is a leading North American manufacturer and marketer of closet organization, home storage, and garage storage products, and sells to some of the largest home center retail chains, mass merchandisers, and direct-to-builder professional installers.
- Telephonics, founded in 1933, is recognized globally as a leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.
For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.