Emerson (NYSE: EMR), St. Louis, MO, has agreed to sell its ClosetMaid business to Griffon Corp., a New York-based diversified management and holding company, for $260 million.
“The sale of ClosetMaid represents the final step in the strategic portfolio repositioning we began two years ago,” said Emerson CEO David Farr. “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."
Currently part of Emerson’s commercial & residential solutions business, ClosetMaid is based in Ocala, FL, and employs approximately 1,500 people.