Griffon Corporation Completes Acquisition of ClosetMaid®

Michael J. Sarrica Appointed President of ClosetMaid®

NEW YORK–(BUSINESS WIRE)–Griffon Corporation (NYSE: GFF) has successfully completed its
acquisition of ClosetMaid, a market leader of home storage and
organization products. ClosetMaid is now part of Griffon’s Home and
Building Products segment, which also includes Clopay Building Products
and The AMES Companies.

“ClosetMaid is a terrific addition to Griffon’s Home and Building
Products Segment, complementing and diversifying our portfolio of
leading consumer brands and products,” said Ronald J. Kramer, Griffon’s
Chief Executive Officer. “We are proud to add ClosetMaid to our family
of iconic brands including AMES, True Temper and Clopay, and to welcome
the ClosetMaid team to Griffon.”

Effective immediately, Michael A. Sarrica has been appointed President
of ClosetMaid and will continue as a Griffon Senior Vice President
reporting to Robert F. Mehmel, Griffon’s President and Chief Operating
Officer. Mr. Sarrica was promoted to Senior Vice President, Operations
of Griffon Corporation in January 2017 and was President of The AMES
Companies from January 2014 to December 2016.

Mr. Kramer added, “Mike Sarrica has done an outstanding job
strengthening AMES while developing its management team, and played a
key role in the acquisition of ClosetMaid. I am confident that Mike’s
proven operating expertise and leadership capabilities will guide
ClosetMaid to enhanced growth and profitability.”

ClosetMaid headquarters will remain in Ocala, Florida and employs
approximately 1,500 people in five countries.

Forward-looking Statements

“Safe Harbor” Statements under the Private Securities Litigation Reform
Act of 1995: All statements related to, among other things, income
(loss), earnings, cash flows, revenue, changes in operations, operating
improvements, industries in which 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 Griffon'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, including as a result of defense budget cuts and
other government actions; the ability of the federal government to fund
and conduct its operations; increases in the cost of raw materials such
as resin, wood and steel; changes in customer demand or loss of a
material customer at one of Griffon's operating companies; 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 Griffon’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
and environmental matters; 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. Griffon 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.

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
Exchanges and trades under the symbol GFF.

Griffon currently conducts its operations through three reportable
segments:

• Home & Building Products consists of three companies, The AMES
  Companies, Inc. (“AMES”), Clopay Building Products Company, Inc.
  (“CBP”), and ClosetMaid Corporation (“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 Corporation, founded in 1933, is recognized globally as a
  leading provider of highly sophisticated intelligence, surveillance
  and communications solutions for defense, aerospace and commercial
  customers.
• Clopay Plastic Products Company, Inc., incorporated in 1934, is a
  global leader in the development and production of embossed, laminated
  and printed specialty plastic films for hygienic, health-care and
  industrial products and sells to some of the world's largest consumer
  products companies.

For more information on Griffon and its operating subsidiaries, please
see the Company’s website at www.griffon.com.

Contacts

Company:
Griffon Corporation
Brian
G. Harris, 212-957-5000
SVP & Chief Financial Officer
or
Investor
Relations:
ICR Inc.
Michael Callahan, 203-682-8311
Senior
Vice President