aaekipolo.blogspot.com
percent stake, or 1.6 million shares, in , accordingh to a filing with the . The filinv follows others reports last week by affiliate that it has increase its stake in Griffon to almost 16 or 4.6 millions shares, and by that it has a 5.1 perceng stake, or 1.5 million shares. Griffon is the pareng of Mason-based , a maker of Clopagy garage doors and specialtu plastic films used in disposable diapers andother products. is a major customer of the plasticfilm business.
Gabelli has stepped up its acquisitionmof Griffon's shares as its stocko price has fallen from more than $12 at the end of 2007 to as low as $9 this The company's sales and profits have been hurt by the slum in new housing constructiob and a simultaneous slowdown in garage door replacement The company said earlier this month it'sx continuing to focus on cost reductioh programs "including, but not limited to, reductiones in force, reducing or eliminating certain sales and marketing programas and consolidating facilities where possible.
" Griffon came undefr pressure from investors last year, before the bottok dropped out of the housing to separate its Clopay operations from its defense electronices subsidiary that's based elsewhere. At the time, it hirexd Goldman Sachs to advise it on strategicx alternatives but later said that deterioratingv market conditions had limitedits options.
No comments:
Post a Comment