Griffon Corporation Completes Acquisition of ClosetMaid
Last Updated on Oct 6, 2017 at 10:08am | Specialty Manufacturing
Article courtesy of the Ocala Star Banner. Staff Reporter: Jim Ross. Photo Credit: Doug Engle.
Griffon Corporation announced on Monday that it has acquired ClosetMaid and plans to keep the maker of home storage and organization products headquartered in Ocala.
“We expect to grow the business,” said Brian Harris, chief financial officer for New York-based Griffon. No staffing or manufacturing changes are planned, though Griffon did install a new president for ClosetMaid: Michael A. Sarrica.
“Mike Sarrica has done an outstanding job strengthening AMES while developing its management team, and played a key role in the acquisition of ClosetMaid. I am confident that Mike’s proven operating expertise and leadership capabilities will guide ClosetMaid to enhanced growth and profitability,” Griffon CEO Ronald J. Kramer said in prepared remarks.
AMES is a reference to The Ames Companies, which is part of Griffon’s Home and Building Products segment. That sector also includes Clopay Building Products and now ClosetMaid.
ClosetMaid employs about 1,500 people in five countries. It’s not clear how many of those are in Ocala. ClosetMaid was sold by its corporate owner, Emerson, for a reported $200 million.
“The sale of ClosetMaid represents the final step in the strategic portfolio repositioning we began two years ago,” Emerson Chairman CEO David N. Farr said last month when the early details of the deal were announced.
ClosetMaid was founded in 1965 in Delray Beach. It moved to Ocala in 1970. Its headquarters and facilities are on Southwest 27th Avenue just south of Silver Springs Boulevard.
Griffon (NYSE:GFF) describes itself as a “diversified management and holding company that conducts business through wholly owned subsidiaries.” It has three segments: Home and Building Products, Clopay Plastic Products and Telephonics.