Griffon Corp. has found a buyer for its Clopay Plastic Products Co. Inc. film making subsidiary, and it's a familiar name.
Berry Global Group Inc. has emerged as the winner for the maker of breathable films, elastic films and laminates, less than three months after Griffon put the division in play.
Berry of Evansville, Ind., is paying $475 million in cash for Clopay Plastic, which includes manufacturing operations in Nashville, Tenn.; Augusta, Ky.; Aschersleben and Dombuhl, Germany; São Paulo and Suzhou, China.
It was only in early September that Griffon said it would explore the sale of Clopay Plastic after indicating it received unsolicited interest in the operations from several interested parties.
"While it's an excellent business, we just don't have the scale that Berry will be able to provide for that business, so this is one of those opportunities where we see this as incredibly opportunistic for us and we think it's a fabulous opportunity for Berry to be able to take the company and bring it to a new level," Griffon CEO Ronald Kramer, said on a Nov. 16 conference call.
Griffon, based in New York, has other businesses including Clopay garage doors, Closetmaid organizing systems and Ames tools. The company also operates Telephonics, an electronic information and communications systems firm.