Emerson has entered into a definitive agreement to sell its ClosetMaid business to Griffon Corporation, a New York-based diversified management and holding company, for $260 million. The transaction is expected to close within 30 days.
“The sale of ClosetMaid represents the final step in the strategic portfolio repositioning we began two years ago,” said David Farr, Emerson chairman and CEO. “With Griffon, we have found a good home for ClosetMaid. We believe the combination of ClosetMaid with Griffon results in the best fit for ClosetMaid’s customers and employees and will create maximum value for Emerson’s shareholders.”
ClosetMaid is based in Ocala, FL, and employs approximately 1,500 people across the globe.