Welcome to our dedicated page for Griffon news (Ticker: GFF), a resource for investors and traders seeking the latest updates and insights on Griffon stock.
Griffon Corporation (NYSE: GFF) is a diversified management and holding company operating through wholly-owned subsidiaries. With a focus on optimizing operations, Griffon oversees its subsidiaries, allocates resources, and manages their capital structures. The company's core operations include consumer and professional products, and home and building products.
Griffon’s subsidiaries include Ames True Temper (ATT), Clopay Building Products (CBP), Telephonics Corporation, and Clopay Plastic Products Company. ATT and CBP form the Home & Building Products segment, which is the principal revenue driver. Griffon manufactures and markets a variety of products such as residential, commercial, and industrial garage doors, as well as non-powered landscaping tools for both professionals and homeowners.
The company continually seeks new acquisition opportunities to further diversify its portfolio and enhance returns on capital. Recently, Griffon’s subsidiary, AMES, announced the sale of complete wood mills and a series of public auctions aimed at supporting its global expansion strategy. Assets such as sawmill operations, dowel turning equipment, and CNC machinery will be available, presenting a unique opportunity for manufacturers.
Griffon’s financial health is robust, supported by strategic partnerships and a well-diversified product lineup. The company's operations thrive on innovation and market adaptability. For more detailed information about Griffon Corporation and its subsidiaries, visit their official website at www.griffoncorp.com.
The Board of Directors of Griffon Corporation (NYSE:GFF) has announced a special cash dividend of
Griffon Corporation (NYSE:GFF) has successfully completed the sale of Telephonics Corporation to TTM Technologies, Inc. (NASDAQ:TTMI) for $330 million in cash. This significant transaction aims to unlock immediate value for Griffon's shareholders while enhancing the company's balance sheet. Ronald J. Kramer, Chairman and CEO of Griffon, expressed optimism about the future of Telephonics under TTM's ownership, highlighting its long-standing history with Griffon. Lazard and J.P. Morgan acted as financial advisors for the respective companies involved.
Griffon Corporation (NYSE:GFF) has initiated a review of strategic alternatives aimed at maximizing shareholder value, which may include a sale or merger. The Board, confident in its operational performance, highlighted significant profitability increases and cash flow improvements, particularly after acquiring Hunter Fan Company. Adjusted EBITDA guidance for fiscal 2022 has been raised to $475 million, indicating a 34% increase. However, the company acknowledges a disconnect between its share price and intrinsic business value.
Griffon Corporation (NYSE:GFF) reported second quarter fiscal 2022 results with revenue reaching $779.6 million, up 36% year-over-year. Excluding the Hunter acquisition, revenue increased 23% to $708.8 million. Income from continuing operations surged to $58.6 million, or $1.10 per share. Adjusted EBITDA also rose significantly to $139.6 million, a 113% increase from the prior year. The Company announced plans to sell Telephonics to TTM Technologies for $330 million. Future investments are expected to yield annual savings of $25 million. The Company maintains a robust cash position with $122.3 million in cash and a net debt of $1.84 billion.
The Board of Directors of Griffon Corporation (NYSE: GFF) announced a quarterly cash dividend of
Griffon Corporation (NYSE: GFF) will release its fiscal second quarter results on
Griffon Corporation (NYSE:GFF) has agreed to sell Telephonics Corporation to TTM Technologies, Inc. (NASDAQ:TTMI) for $330 million in cash. This transaction aims to enhance long-term shareholder value by strengthening Griffon's balance sheet and refocusing its resources on core businesses. The deal is expected to close in the second calendar quarter of 2022, pending regulatory approvals. Lazard and J.P. Morgan are serving as financial advisors for Griffon and TTM, respectively.
Griffon Corporation (NYSE: GFF) reported strong ongoing momentum following its acquisition of Hunter Fan Company, contributing to record revenues and adjusted EBITDA in Fiscal 2021. The company is on track to finalize a strategic review of its Telephonics business by March 2022. Shareholders recently elected four board members and approved governance enhancements, including changes to the board structure. Despite this progress, an advisory vote on executive compensation was not approved. The overall outlook remains positive for Fiscal 2022, focusing on margin expansion and shareholder value.
Griffon Corporation (NYSE: GFF) emphasizes the importance of shareholder voting for its board nominees in a press release urging support for its WHITE proxy card ahead of the Annual Meeting on February 17, 2022. The company refutes claims made by Voss Capital regarding nominee Charles Diao, questioning his current affiliations and alignment with Griffon's health and safety commitments. Griffon highlights its successful repositioning, improved performance, and strong shareholder returns, particularly following the acquisition of Hunter Fan Company. Shareholders are encouraged to vote electronically by February 16, 2022.
Voss Capital, a major shareholder of Griffon Corp. (GFF), emphasizes the need for shareholders to vote their proxies ahead of the Annual Meeting on February 17. Voss argues that under the current management, Griffon has consistently underperformed with a Total Shareholder Return lagging behind peer companies by 61% over five years. They highlight inefficiencies in the conglomerate structure costing shareholders nearly $50 million annually and question the independence of the Board. Voss advocates for the election of independent candidate Charlie Diao to drive meaningful changes and improve shareholder value.
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