GRIFFON UNIT ACQUIRES SHORT RANGE RADIO PRODUCT LINE FROM SAAB

Telephonics expands its intercommunications product mix with state-of-the-art wireless communications products

Farmingdale, New York, December 21, 2004 — Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE: GFF), announced today that it has entered an agreement to purchase the Short Range Radio (SRR) product line from Saab Communications AB, a subsidiary of Saab AB. Telephonics Corporation will establish Telephonics Sweden AB, which will be operated as a wholly owned subsidiary of Telephonics Corporation and will remain within its existing facilities in Tyresö, Stockholm, Sweden to produce the SRR. The acquisition includes an initial cash payment and additional performance based incentives payable over a six-year period.

Telephonics has marketed the SRR product line in North America under the Telephonics brand “TruLink™”. The addition of this short range radio product complements Telephonics’ world leading market presence in wired intercommunication and communications management systems with the most advanced wireless intercommunications systems available for both military and commercial applications.

“We are very excited about bringing the SRR business to Telephonics”. Said Joseph J. Battaglia, President, Telephonics Corporation. “The products and advanced technologies contained within this new company have broad application and provide us with a great opportunity to expand our product offerings well beyond our traditional markets”.

About Telephonics Corporation
A subsidiary of Griffon Corporation (NYSE: GFF), Telephonics’ (www.telephonics.com) broad based, high-tech engineering capabilities provide integrated information and communication systems solutions to both domestic and international markets. The company is organized into two operating divisions: Communications Systems, specializing in aircraft intercommunications, mass transit communications, wireless and audio products; and Command Systems, specializing in traffic management systems, maritime surveillance radar and aerospace electronics; and one wholly-owned subsidiary, TLSI. Operating under the Telephonics umbrella, TLSI (www.tlsi.com) manufactures application-specific integrated circuits (ASIC) for the telecommunications, automotive and industrial security markets.

About Griffon Corporation
In addition to developing and manufacturing information and communication systems for government and commercial markets worldwide, Griffon Corporation is also a 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. Griffon Corporation is also a leading manufacturer and marketer of residential, commercial and industrial garage doors sold to professional installing dealers and major home center retail chains. Through a substantial network of operations located throughout the country, Griffon’s building products company also installs and services specialty building products, primarily garage doors, openers, fireplaces and cabinets for new construction markets.

About Saab
Saab is one of the world’s leading high-technology companies, with its main operations focusing on defence, aviation and space. The group covers a broad spectrum of competence and capabilities in systems integration.

Forward Looking Statements
“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, competitive factors and pricing pressures, 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.