Griffon Corporation has recently released its 10-K report, providing detailed insights into its operations and financial performance. The company, through its subsidiaries, operates in the home and building products, as well as consumer and professional products sectors. The Home and Building Products segment offers residential and commercial garage doors, rolling steel service doors, fire doors, shutters, and room dividers, while the Consumer and Professional Products segment manufactures long-handled tools, wheelbarrows, snow tools, pruning products, striking tools, hand tools, indoor and outdoor planters, garden hoses, and cleaning products.
The company's strategic objective is to maintain leading positions in the markets it serves by providing innovative, branded products with superior quality and industry-leading service. Griffon has undergone transformative transactions to strengthen its core business and increase shareholder value. This includes divesting its specialty plastics business in 2018 and its defense electronics business in 2022, while expanding its scope through acquisitions such as CornellCookson, Inc. in 2018, Hunter Fan Company in 2022, and ClosetMaid, LLC in 2018.
In a recent development, Griffon's subsidiary, The AMES Companies, Inc., expanded its Australian operations by acquiring substantially all the assets of Pope, a leading Australian provider of residential watering products, from The Toro Company. This marks CPP's seventh acquisition in Australia since 2013 and further expands its product portfolio in the Australian market. Additionally, Griffon announced CPP's global sourcing strategy expansion and restructuring charges, resulting in a reduction of approximately 600 employees and a facility footprint reduction of approximately 15%.
Griffon conducts its operations through two reportable segments: Home and Building Products (HBP) and Consumer and Professional Products (CPP). The HBP segment consists of Clopay Corporation, the largest manufacturer and marketer of garage doors and rolling steel doors in North America, while the CPP segment is 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.
The 10-K report provides detailed insights into the company's brands, products and services, customer base, product development, sales and marketing strategies, raw materials and suppliers, competition, and manufacturing and distribution facilities. It also outlines the financial performance of each segment, providing transparency into the company's revenue, profit, and total assets.
Griffon Corporation's 10-K report offers investors and stakeholders a comprehensive understanding of the company's operations, strategies, and financial health, serving as a valuable resource for making informed decisions. The market has reacted to these announcements by moving the company's shares 1.59% to a price of $67.925. For more information, read the company's full 10-K submission here.
