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JERICHO, N.Y. - Griffon Corp., a communications and electronic information, building products and specialty plastics business, announced Tuesday that it has raised more than $240 million from a stock sale and the closing of related developments.
| GFF | 6.55 |  0.28 |
The company plans to use the funds to finance growth and general corporate purposes.
Griffon issued about 28.4 million shares Monday at $8.50 per share. About 1.1 million more shares were subscribed for in another offering.
Related investments were held by GS Direct LLC, an affiliate of Goldman Sachs, and Ronald Kramer, Griffon's CEO.
As part of the closing of the investment by GS Direct, Gerry Cardinale and Brad Gross, managing directors of Goldman Sachs, have joined the Griffon board.
Shares of Griffon rose 3 cents to $8.71 in morning trading.
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