Emerson Agrees to Sell ClosetMaid Business to Griffon Corporation

ST. LOUIS–(BUSINESS WIRE)–Emerson (NYSE: EMR) today announced it has entered into a definitive
agreement to sell its ClosetMaid business to Griffon Corporation (NYSE:
GFF), 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 Chairman
and Chief Executive Officer David N. 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.
ClosetMaid has been a strong performer for Emerson over the years, and I
am grateful to all ClosetMaid employees for their commitment to growth
and operational excellence.”

Currently part of Emerson’s Commercial & Residential Solutions business,
ClosetMaid is based in Ocala, Florida, and employs approximately 1,500
people across the globe. For more than 50 years, ClosetMaid has been a
leader in home organization and storage systems.

The transaction is expected to close within 30 days and result in
minimal net earnings and earnings per share impact. Emerson expects to
realize approximately $180 million in after-tax cash proceeds from the

For this transaction, Emerson engaged Citi as its financial advisor and
Davis Polk & Wardwell as legal counsel.

About Emerson

Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a
global technology and engineering company providing innovative solutions
for customers in industrial, commercial and residential markets. Our
Emerson Automation Solutions business helps process, hybrid, and
discrete manufacturers maximize production, protect personnel and the
environment while optimizing their energy and operating costs. Our
Emerson Commercial & Residential Solutions business helps ensure human
comfort and health, protect food quality and safety, advance energy
efficiency, and create sustainable infrastructure. For more information,
visit Emerson.com.

About ClosetMaid

ClosetMaid, an industry leader in home organization and storage systems
since 1965, is a business of Emerson™. Over ClosetMaid’s 50-year
history, ClosetMaid has helped people achieve their own state of
organization with innovative and popular storage products such
as: MasterSuite®, Impressions™, SpaceCreations®, ShelfTrack®,
Selectives™ and SuiteSymphony™. For more information, visit www.closetmaid.com.

Forward-Looking and Cautionary Statements

Statements in this press release that are not strictly historical may be
“forward-looking” statements, which involve risks and uncertainties, and
Emerson undertakes no obligation to update any such statements to
reflect later developments. These risks and uncertainties include
economic and currency conditions, market demand, pricing, protection of
intellectual property, and competitive and technological factors, among
others, as set forth in the Company’s most recent Annual Report on Form
10-K and subsequent reports filed with the SEC.


For Emerson
Mark Polzin, 314-982-1758