Clopay Announces Expansion That Will Bring Over 54 New Jobs to Troy

Clopay Corporation, a wholly-owned subsidiary of Griffon Corporation (NYSE: GFF) and North America’s largest manufacturer and marketer of garage doors and rolling steel doors, today announced it is expanding its manufacturing facility in Troy, Ohio. The approximately $30 million investment, which includes the purchase of advanced manufacturing equipment, will bring at least 54 new jobs while adding approximately 100,000 square feet to the site’s existing 1.23 million square footprint in Troy.

“The expansion reflects increased customer demand for our premium products, and Clopay’s success in bringing new technologies to market,” said Clopay President Victor Weldon. “Clopay is proud to expand in Troy and appreciates the supportive business environment and talented workforce provided by the State of Ohio.”

JobsOhio, the Dayton Development and the City of Troy collaborated to bring the expansion to Troy. JobsOhio is contributing to the project with a JobsOhio Workforce Grant.

“Ohio-headquartered Clopay Corporation has set the standard for North American garage door manufacturing and distribution by tapping into the state’s innovation and talent,” said J.P. Nauseef, JobsOhio president and CEO. “Clopay’s consistent growth at its Troy facility is an example of the competitive advantage companies find when establishing and growing manufacturing operations here in Ohio.”

Construction for the expansion has begun and is scheduled to be completed by mid-year 2024. Clopay currently employs over 1,500 people at the Troy facility and plans to add more than the 54 new jobs committed at the site by 2026.

“The City of Troy is proud to be a part of the growth of the Clopay Corporation,” said CEO of the Troy Development Council, Joseph Graves. “This expansion will provide great job opportunities for Troy area residents. We are glad the City of Troy is able to assist with this important project.”

Clopay purchased the Troy plant in 2006 to allow for improved manufacturing efficiencies and new product lines. The successful launch of its energy-efficient polyurethane insulated Intellicore^® premium door models for both residential and commercial use, as well as the acquisition of CornellCookson in 2018, has contributed to Clopay Corporation’s continued growth in the industry.

“We are excited for Clopay Corporation to expand its manufacturing capabilities in the Dayton Region,” said DDC’s Executive Vice President of Regional Development Julie Sullivan. “Having this North American industry leader grow its manufacturing presence in Ohio is a great win.”

In addition to Troy, the company also operates state-of-the-art manufacturing facilities in Russia, OH; Mountain Top, PA; and Goodyear, AZ.

Forward-Looking Statements

“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, the impact of the Hunter Fan transaction, the industries in which Griffon Corporation (the “Company” or “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 and improved operational results from cost control, restructuring, integration and disposal initiatives (including, in particular, the expanded outsourcing strategy for the Company’s Consumer and Professional Products segment announced in May 2023); the ability to identify and successfully consummate, and integrate, value-adding acquisition opportunities; increasing competition and pricing pressures in the markets served by Griffon’s operating companies; the ability of Griffon’s operating companies to expand into new geographic and product markets, and to anticipate and meet customer demands for new products and product enhancements and innovations; increases in the cost or lack of availability of raw materials such as resin, wood and steel, components or purchased finished goods, including any potential impact on costs or availability resulting from tariffs; changes in customer demand or loss of a material customer at one of Griffon’s operating companies; the potential impact of seasonal variations and uncertain weather patterns on certain of Griffon’s businesses; political events that could impact the worldwide economy; a downgrade in Griffon’s credit ratings; changes in international economic conditions including inflation, interest rate and currency exchange fluctuations; the reliance by certain of Griffon’s businesses on particular third party suppliers and manufacturers to meet customer demands; the relative mix of products and services offered by Griffon’s businesses, which impacts margins and operating efficiencies; short-term capacity constraints or prolonged excess capacity; unforeseen developments in contingencies, such as litigation, regulatory and environmental matters; Griffon’s ability to adequately protect and maintain the validity of patent and other intellectual property rights; the cyclical nature of the businesses of certain of Griffon’s operating companies; possible terrorist threats and actions and their impact on the global economy; effects of possible IT system failures, data breaches or cyber-attacks; the impact of COVID-19, or some other future pandemic, on the U.S. and the global economy, including business disruptions, reductions in employment and an increase in business and operating facility failures, specifically among our customers and suppliers; Griffon’s ability to service and refinance its debt; and the impact of recent and future legislative and regulatory changes, including, without limitation, changes in tax laws. Such statements reflect the views of the Company with respect to future events and are subject to these and other risks, as previously disclosed in the Company’s Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date made. Griffon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About Griffon Corporation

Griffon Corporation is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital. Griffon conducts its operations through two reportable segments:

• Home and Building Products ("HBP") conducts its operations through Clopay. Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the Cornell and Cookson brands.

   

• Consumer and Professional Products (“CPP”) is a leading North American manufacturer and a global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid.

For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.