Griffon Corporation has recently released its 10-K report, providing an in-depth look at its business operations. The company, through its subsidiaries, operates in the home and building products, as well as the consumer and professional products sectors. The Home and Building Products segment focuses on residential and commercial garage doors, rolling steel service doors, fire doors, shutters, steel security grilles, and room dividers, while the Consumer and Professional Products segment manufactures long-handled engineered 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 seeks to reduce variability caused by external factors such as market cyclicality, seasonality, and weather by operating a diverse portfolio of businesses and conducting operations across multiple countries. Since 2017, the company has undertaken transformative transactions to strengthen its core business and increase shareholder value. This includes divesting its specialty plastics and defense electronics businesses, as well as acquiring companies such as CornellCookson, Hunter Fan Company, and ClosetMaid.
Griffon's recent acquisition of Pope, a leading Australian provider of residential watering products, further expands the scope of its Consumer and Professional Products segment in the Australian market. Additionally, the company announced a global sourcing strategy expansion and restructuring charges, resulting in the closure of four manufacturing sites and four wood mills, a reduction of approximately 600 employees, and positioning CPP to achieve its target of 15% EBITDA margin.
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 both residential and commercial garage doors and rolling steel doors in North America. On the other hand, 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 also details the company's brands, products and services, customers, competition, manufacturing and distribution, as well as its raw materials and suppliers. It provides a comprehensive overview of Griffon Corporation's financial performance, operations, and strategic initiatives, offering valuable insights for investors and stakeholders. Today the company's shares have moved -0.87% to a price of $68.65. Check out the company's full 10-K submission here.
