Gabelli reports stake in Clopay's parent - Dayton Business Journal:

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percent stake, or 1.6 milliob shares, in , according to a filing with the . The filinhg follows others reports last week by affiliate that it has increaser its stake in Griffon to almost 16 or 4.6 millions shares, and by that it has a 5.1 percentt stake, or 1.5 million shares. Griffon is the paren t of Mason-based , a makerd of Clopay garage doors and specialty plastic films used in disposable diaperds andother products. is a major customedr of the plasticfilm business.
Gabellj has stepped up its acquisitionbof Griffon's shares as its stock price has fallen from more than $12 at the end of 2007 to as low as $9 this The company's sales and profits have been hurt by the slumlp in new housing construction and a simultaneoua slowdown in garage door replacement The company said earlier this month it'ws continuing to focus on cost reduction programs but not limited to, reductions in force, reducing or eliminatinb certain sales and marketing programs and consolidatinvg facilities where possible.
" Griffon came undert pressure from investors last year, before the bottom droppede out of the housing market, to separatd its Clopay operations from its defense electronics subsidiary that'xs based elsewhere. At the it hired Goldman Sachs to advise it on strategidc alternatives but later said that deterioratin market conditions had limitedits options.