Griffon Corporation Declares $2.00 per Share Special Dividend and Announces Debt Repayment
27 Junho 2022 - 5:10PM
Business Wire
The Board of Directors of Griffon Corporation (NYSE:GFF) (the
“Company” or “Griffon”) has declared a special cash dividend of
$2.00 per share payable on July 20, 2022 to shareholders of record
as of the close of business on July 8, 2022. The special dividend,
combined with the three $0.09 quarterly dividends announced earlier
this fiscal year, will result in total fiscal 2022 dividends paid
of $2.27 per share through July 20, 2022.
In addition, Griffon has prepaid $300 million principal amount
of its $800 million Term Loan B credit facility effective today,
June 27, 2022. This prepayment permanently reduces the outstanding
Term Loan B.
Funding for the special dividend and the Term Loan B principal
repayment will be provided from the proceeds of the sale of
Telephonics and the Company’s free cash flow.
“With the closing of the sale of Telephonics, we are immediately
returning capital to shareholders through this special $2 per share
dividend,” said Ronald J. Kramer, Griffon’s Chairman and Chief
Executive Officer. “This dividend, coupled with the paydown of $300
million of our Term Loan B credit facility, demonstrates our
commitment to unlocking shareholder value by providing immediate
returns while continuing to strengthen our balance sheet.”
Safe Harbor 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;
Griffon’s ability to achieve expected savings from cost control,
restructuring, integration and disposal initiatives; the ability to
identify and successfully consummate, and integrate, value-adding
acquisition opportunities (including, in particular, integration of
the Hunter Fan acquisition); 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;
increases in the cost or lack of availability of raw materials such
as resin, wood and steel, components or purchased finished goods,
including any potential impact on costs or availability resulting
from tariffs; 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 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
impacts margins and operating efficiencies; short-term capacity
constraints or prolonged excess capacity; unforeseen developments
in contingencies, such as litigation, regulatory and environmental
matters; 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 of Griffon’s operating
companies; possible terrorist threats and actions and their impact
on the global economy; the impact of COVID-19 on the U.S. and the
global economy, including business disruptions, reductions in
employment and an increase in business and operating facility
failures, specifically among our customers and suppliers; Griffon's
ability to service and refinance its debt; and the impact of recent
and future legislative and regulatory changes, including, without
limitation, changes in tax laws. 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.
Griffon conducts its operations through two reportable
segments:
- Consumer and Professional Products (“CPP”) is a leading
North American manufacturer and a global provider of branded
consumer and professional tools; residential, industrial and
commercial fans; home storage and organization products; and
products that enhance indoor and outdoor lifestyles. CPP sells
products globally through a portfolio of leading brands including
AMES, since 1774, Hunter, since 1886, True Temper, and
ClosetMaid.
- Home and Building Products conducts its operations
through Clopay Corporation (“Clopay”). Founded in 1964, Clopay is
the largest manufacturer and marketer of garage doors and rolling
steel doors in North America. Residential and commercial sectional
garage doors are sold through professional dealers and leading home
center retail chains throughout North America under the brands
Clopay, Ideal, and Holmes. Rolling steel door and grille products
designed for commercial, industrial, institutional, and retail use
are sold under the CornellCookson brand.
For more information on Griffon and its operating subsidiaries,
please see the Company’s website at www.griffon.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220627005433/en/
Company Contact: Brian G. Harris
SVP & Chief Financial Officer Griffon Corporation (212)
957-5000
Investor Relations Contact: Michael
Callahan Managing Director ICR Inc. (203) 682-8311
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