Griffon Corporation (“Griffon” or the “Company”) (NYSE:GFF) announced today that its Board of Directors has authorized a review of strategic alternatives for Griffon’s subsidiary Telephonics Corporation (“Telephonics”).
Telephonics is recognized globally as a leading provider of highly sophisticated intelligence, surveillance and communications solutions that are deployed across a wide range of land, sea and air applications. Telephonics designs, develops, manufactures and provides logistical support and lifecycle sustainment services to defense, aerospace and commercial customers worldwide.
“Telephonics, founded in 1933, has been a trusted provider of defense electronics to the United States and its allies, with a distinguished history of technical accomplishments in maritime radar and aviation systems,” said Ronald J. Kramer, Griffon’s Chairman and Chief Executive Officer. “Griffon is evaluating strategic alternatives for Telephonics to increase long-term value for our shareholders, while creating enhanced growth opportunities for Telephonics.”
Lazard is acting as financial advisor and Dechert LLP as legal counsel to Griffon for the evaluation of strategic alternatives for Telephonics.