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Griffon Corporation Completes Sale of Telephonics Corporation to TTM Technologies
NEW YORK--(BUSINESS WIRE)-- Griffon Corporation (“Griffon” or the “Company”) (NYSE:GFF) completed the sale of Telephonics Corporation (“Telephonics”) to TTM
About this update from Ttm Technologies, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nGriffon Corporation (“Griffon” or the “Company”) (NYSE:GFF) completed the sale of Telephonics Corporation (“Telephonics”) to TTM Technologies, Inc. (“TTM”) (NASDAQ:TTMI) for $330 million in cash, subject to certain post-closing adjustments.\n\n“We are pleased to announce the closing of the sale of Telephonics. This transaction unlocks immediate value for our shareholders and strengthens our balance sheet,” said Ronald J. Kramer, Griffon’s Chairman and Chief Executive Officer. “Telephonics has been a part of Griffon for more than sixty years. We are proud of their accomplishments and confident the business will flourish as a part of TTM.”\n\nLazard acted as financial advisor to Griffon for this transaction, and Dechert LLP acted as Griffon’s legal counsel. J.P. Morgan acted as financial advisor to TTM, and O’Melveny & Myers LLP acted as TTM’s legal counsel.\n\nSafe Harbor Statements\n\n“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 Grif...