JERICHO, N.Y., Jan. 5 /PRNewswire-FirstCall/ -- Griffon Corporation , today announced that through its wholly-owned subsidiary Clopay Service Company, it has acquired the business of Cabinet West Distributors, Inc., a leading Las Vegas based cabinet installation company serving the new residential housing marketplace in southern Nevada. The company's sales in the most recent year were approximately $30,000,000. The acquisition includes an initial cash payment and additional performance based incentives determined over a three year period.
The company will operate as a division of Clopay's Adams Bros. Interiors business, and will continue to be managed by its founder, Mr. Rick Wilder. Adams Bros. Interiors, is a leader in serving new residential construction in the southwest U.S., providing flooring and cabinet design and installation.
This acquisition provides a platform to expand Adams Bros.' presence in the growing Las Vegas market and its position in cabinet installation.
Griffon Corporation -
* is a leading manufacturer and marketer of residential, commercial and
industrial garage doors sold to professional installing dealers and
major home center retail chains;
* installs and services specialty building products and systems, primarily
garage doors, openers, fireplaces and cabinets, for new construction
markets through a substantial network of operations located throughout
the country;
* is an international leader in the development and production of embossed
and laminated specialty plastic films used in the baby diaper, feminine
napkin, adult incontinent, surgical and patient care markets; and
* develops and manufactures information and communication systems for
government and commercial markets worldwide.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to the company or its management, identify 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 as a result of certain factors, including but not limited to, business and economic conditions, results of integrating acquired businesses into existing operations, competitive factors and pricing pressures for resin and steel, capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company. Readers are cautioned not to place undue reliance on these forward-looking statements. 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.
