Griffon Corporation Announces Acquisition of European Plastic Film Operation

Jericho, New York, July 1, 1998—Griffon Corporation (NYSE: GFF) today announced that, through its wholly-owned subsidiary Clopay Corporation, it has acquired Böhme Verpackungsfolien GmbH & Co., a German manufacturer of plastic packaging and specialty films. Böhme, with annual sales of approximately $35,000,000, is located in Dombühl.

Böhme will operate as a part of Clopay’s specialty plastic films business, under its existing management team led by Managing Director Ulrich W. Böhme. The product lines of the two companies are complementary. Clopay is a leader in developing and manufacturing embossed and laminated specialty plastic films for baby diapers, feminine hygiene, adult incontinent and medical products, and Böhme is an acknowledged European leader in the manufacture of printed soft packaging for disposable hygiene products.

This acquisition provides a platform to further expand Clopay’s European operations and also presents an exciting opportunity to broaden the specialty plastic films product line by bringing Böhme technology and products to domestic markets. Griffon views the acquisition as an important strategic step in positioning the specialty plastic films business as a broad-line global supplier to its multinational customers.

Griffon Corporation is also a leading manufacturer and marketer of residential garage doors, as well as a major supplier of industrial garage doors and a range of related products and services for the home building and replacement markets. In addition, the company also develops and manufactures information and communication systems for government and commercial markets worldwide.