Clopay Plastics announces restructuring of its European Division
February 25, 2013
Clopay Plastic Products Company (Plastics), a wholly owned subsidiary of Griffon Corporation (NYSE:GFF), announced that Clopay Europe will exit certain less profitable product categories in 2013 in order to focus on operating and growing its more profitable business lines as a result of the region’s challenging macroeconomic climate.
As part of the action, Plastics will be investing in several new capital projects in order to improve both operating and material efficiencies.
Plastics remains committed to its European business. The restructuring is expected to lead to improved performance and future growth potential.
Clopay Plastics produces and develops specialty plastic films and laminates for a variety of hygienic, health care and industrial uses in the United States and certain international markets.
Products include thin gauge embossed and printed films, elastomeric films and laminates of film and non-woven fabrics. These products are used primarily as moisture barriers in disposable infant diapers, adult incontinence products and feminine hygiene products, as protective barriers in single-use surgical and industrial gowns, drapes and equipment covers, as packaging for hygienic products, house wrap and other products. Plastics’ products are sold through a direct sales force primarily to multinational consumer and medical products companies.
About Griffon Corporation
Griffon Corporation (the “Company” or “Griffon”), headquartered in New York, N.Y., is a diversified management and holding company that conducts business through wholly-owned subsidiaries. The Company oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. The Company provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital to further diversify itself.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Certain statements other than statements of historical fact included in this release are forward-looking statements. Such forward-looking statements are based on the beliefs of the company’s management, as well as assumptions made by and information currently available to the company’s management. Actual results could differ materially from those contemplated by the forward-looking statements. Information concerning risks and uncertainties that may impact the company’s results and forward-looking statements are set forth in Griffon Corporation’s filings with the SEC. The company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
Contact InformationEmail: email@example.com
Phone: Bill Brown, 513-770-6403, Corporate Director, Human Resources
Company: Clopay Plastic Products Company