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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (1795)	8/21/2007 10:57:01 AM
From: richardred	Read Replies (1) \| Respond to of 7253

Ply Gem to Expand Its Windows & Doors Portfolio Through Acquisition of CertainTeed's Vinyl Window and Patio Door Business Tuesday August 21, 8:30 am ET KEARNEY, Mo.--(BUSINESS WIRE)--Ply Gem Industries, Inc. and its private equity sponsor, Caxton-Iseman Capital, Inc., today announced that it has entered into a definitive agreement to acquire CertainTeed Corporation's vinyl window and patio door business in a cash transaction. CertainTeed's vinyl window business is a leading manufacturer of premium vinyl windows and doors and produces windows for the residential new construction and remodeling markets and produces and sells window lineals to licensed window fabricators in the Eastern United States. The CertainTeed vinyl window and patio door business operates three fabrication facilities which are located in Auburn, WA, Corona, CA, and Sacramento, CA. The acquisition is expected to be financed through a combination of cash on hand and borrowings against Ply Gem's $75 million revolving credit facility. Completion of the transaction, which is expected to occur in the third quarter of 2007, is subject to customary closing conditions. Gary E. Robinette, President and Chief Executive Officer of Ply Gem, said, "This acquisition will enable us to capitalize on attractive market opportunities in the West, while strengthening our national presence in the windows and doors market. This transaction will enable Ply Gem to provide our customers with window products for virtually any new construction or home improvement project in any area of the country. CertainTeed Window and Door products are extremely well respected in the marketplace and will complement Ply Gem's existing window and door product offering." Robert A. Ferris, a Managing Director of Caxton-Iseman Capital, said, "The acquisition of CertainTeed's vinyl window business with its great products and manufacturing footprint in the West presents Ply Gem with exciting new opportunities. Since we acquired Ply Gem in 2004, we have been very pleased by the company's performance and growth trajectory. We continue to be impressed with the quality of the Ply Gem business and its leadership team as they continue to demonstrate strong financial performance against the challenging market conditions that currently exist in the residential housing market. We look forward to working with Ply Gem's management team to continue building the business." About Ply Gem Ply Gem Industries, headquartered in Kearney, Missouri, manufactures and markets a range of products for use in the residential new construction, do-it-yourself and professional renovation markets. Principal products include vinyl siding, windows, patio doors, fencing, railing, decking and accessories and aluminum window and siding products marketed under the MW, Patriot, Alenco, Great Lakes, Mastic, Alcoa Home Exteriors, Variform, Napco, Kroy and CWD brand names. About Caxton-Iseman Capital Caxton-Iseman Capital, Inc. is a New York-based private equity firm. In addition to Ply Gem, its portfolio companies include Buffets Inc., a leading owner and operator of buffet-style restaurants; Electrograph Systems, Inc., a leading national value-added distributor of display technology solutions; Valley National Gases, Inc., the largest independent distributor of industrial, specialty and medical gases; American Residential Services L.L.C., one of the nation's leading providers of HVAC and plumbing services; KIK Custom Products, one of North America's largest custom manufacturer of consumer products; and Prodigy Health Group, Inc., a heath care service company. Caxton-Iseman's investment vehicles have available capital in excess of $2 billion. Contact: Ply Gem Industries, Inc. Shawn K. Poe, 816-903-8225 Vice President, Chief Financial Officer or Jarrod Davis, 208-424-7920 Vice President of Business Development Source: Ply Gem Industries, Inc. biz.yahoo.com

To: richardred who wrote (1795)	9/4/2007 10:42:34 AM
From: richardred	Read Replies (1) \| Respond to of 7253

Nice size contract for the Telephonics group. It would be even better if they wanted to do it as an in house unit. Griffon Corporation Awarded Contract in Excess of $318 Million from Lockheed Martin Systems for U.S. Navy's MH-60R Multi Mission Helicopter Program Tuesday September 4, 9:15 am ET JERICHO, N.Y., Sept. 4 /PRNewswire-FirstCall/ -- Griffon Corporation announced today that the Radar Systems Division of Telephonics Corporation, its electronic information and communication systems subsidiary, has been awarded a multi-year, full-scale production contract valued in excess of $318 million from Lockheed Martin Systems Integration, Owego, NY. This modification to a previously awarded contract includes the delivery of 139 production AN/APS-147 Multi-Mode Radar (MMR) systems, plus spares and engineering support. These systems will be integrated into the Lockheed Martin advanced mission avionics package and installed on the U.S. Navy's MH-60R "Sea Hawk" helicopters. The AN/APS-147 radar was designed to meet the demanding mission needs of the Navy's helicopter community in the blue water and littoral sea environment in all weather conditions, day and night providing maritime domain surveillance superiority. Important advanced features of this radar include: small target detection, Inverse Synthetic Aperture Radar (ISAR) imaging, and a unique, fully internally integrated, Identification Friend or Foe (IFF) interrogator capability which is readily upgradeable to include Modes 5 and S. "The AN/APS-147 MMR is a highly capable radar system incorporating advanced features which will serve Naval Aviation well for many years to come," said Joseph J. Battaglia, President of Telephonics Corporation. "We are proud to support Lockheed Martin and the U.S. Navy and to be a member of Team Sea Hawk." About Telephonics "A subsidiary of Griffon Corporation (NYSE: GFF - News), Telephonics' broad- based, advanced, high-technology engineering and manufacturing capabilities provide integrated information, communication, and sensor system solutions to military and commercial markets worldwide. The company is organized into four operating divisions: Communications Systems, specializing in aircraft intercommunication systems, ruggedized wireless communication systems, and commercial audio products; Radar Systems, specializing in airborne maritime surveillance radar, weather and search radar, and advanced identification friend or foe products; Electronic Systems specializing in aerospace electronics, air traffic management systems and Homeland Security products; and the Systems Engineering Group specializing in the performance of threat and radar system analyses and other support engineering functions for the Department of Defense, the Missile Defense Agency, and various other Government agencies and major prime contractors." About Griffon Corporation In addition to developing and manufacturing information and communication systems for government and commercial markets worldwide, Griffon Corporation is also an international leader in the development and production of embossed and laminated specialty plastic films used in the baby diaper, feminine napkin, adult incontinent, surgical and patient care markets. Griffon Corporation is also a leading manufacturer and marketer of residential, commercial and industrial garage doors sold to professional installing dealers and major home center retail chains. Through a substantial network of operations located throughout the country, Griffon's building products company also installs and services specialty building products, primarily garage doors, openers, fireplaces and cabinets for new construction markets. Forward Looking Statements "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate," "believe," "estimate," "expect," "intend," and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business and economic conditions, competitive factors and pricing pressures, capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company. Readers are cautioned not to place undue reliance on these forward- looking statements. The company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events. Contact: Eric Edelstein Executive Vice President and Chief Financial Officer (516) 938-5544 Source: Griffon Corporation biz.yahoo.com

To: richardred who wrote (1795)	10/8/2007 10:17:12 AM
From: richardred	Respond to of 7253

Textron Buying United Industrial Monday October 8, 10:06 am ET Textron in Deal to Acquire United Industrial for $1.1B in Move to Expand Defense Business PROVIDENCE, R.I. (AP) -- Textron Inc. said Monday it will purchase unmanned aircraft maker United Industrial Corp. for about $1.1 billion in a move to expand its aerospace and defense business. United Industrial's AAI Corp. unit, based in Hunt Valley, Md., makes unmanned aircraft and ground control stations and counter-sniper devices along with other aerospace and defense products and services. Textron owns Bell Helicopter and Cessna, and also makes golf carts, auto parts and surveillance systems. The company said the deal, announced Monday, reflected its belief that the U.S. military would continue to depend on unmanned aircraft. "The role of unmanned systems is expected to continue to expand, providing us with singificant growth opportunties," Textron chief financial officer Ted French said in a conference call announcing the deal. "And we believe we can convert this growth into expanding shareholder value," he added. Under the deal, Textron said it will launch a cash tender offer of $81 a share for United Industrial stock as early as next week. The offer represents a 7.1 percent premium to United Industrial's Friday closing price of $75.62. United Industrial shares rose $4.64, or 6.1 percent, to $80.25 in morning trading Monday after trading as high as $80.69. Textron shares fell $1.22, or 1.9 percent, to $64,23. Based on United Industrial's 9.96 million shares outstanding at Aug. 2, the deal is valued at about $806.5 million. Including United Industrial stock expected to be issued to bondholders under terms of $120 million of 3.75 percent convertible senior notes issued in September 2004, the acquisition is valued at about $1.1 billion. The boards of both companies have approved terms of the transaction. In addition, two United Industrial directors, Warren G. Lichtenstein and Glenn M. Kassan, and Steel Partners II LP, an investment partnership controlled by Lichtenstein, which collectively own 2.01 million outstanding shares, have agreed to tender their shares in favor of the deal. Subject to customary conditions and approvals, the company expects to complete the acquisition by the end of the year. French said Textron has strict criteria for acquistions. He said Textron looks for well-run companies that are market leaders and that operate in attractive industries with good growth, among other factors. "AAI meets every one of these" criteria, French said. In addition to unmanned aircraft, AAI also provides aircraft and satellite test equipment and training systems, and has a services and logistics business to support its customers. AAI will become part of Textron's Bell segment, with most of the business operating within Textron Systems Corp., which makes precision weapons, surveillance systems, intelligence and communications systems, aircraft control systems, specialty marine craft and armored vehicles for the defense, homeland security and aerospace markets. Projected revenue for AAI for this year is about $700 million. It has 2,500 employees worldwide. Textron reported profit of $601 million on sales of $11.49 billion in fiscal 2006. biz.yahoo.com

To: richardred who wrote (1795)	2/7/2008 10:56:07 AM
From: richardred	Read Replies (4) \| Respond to of 7253

GFF- new low -added at 9.67 to dollar cost average. Clinton Group or other big holders might have to sell shares to raise capital for their exposure to high risk instruments. I expect passive longer term holders like Mario Gabelli to pick up the slack. Directors have been buying at higher prices small to mid range purchases as recently as December. Risk here is much higher now, however I expect the credit facility to be amended without a major glitch. Just maybe it's time to sell the defense unit. GFF- new low -added at 9.67 to dollar cost average. Clinton Group or other big holders might have to sell shares to raise capital for their exposure to high risk instruments. I expect passive longer term holders like Mario Gabelli to pick up the slack. Directors have been buying small to mid range purchases as recently as December. DJ Griffon Swings To 1Q Loss, Rev Drops 21% On Housing Mkt >GFF Source: DJ Date: 02/06/08 02/06 17:18 DJ Griffon Swings To 1Q Loss, Rev Drops 21% On Housing Mkt >GFF DOW JONES NEWSWIRES Griffon Corp. (GFF) swung to a fiscal first-quarter loss, hit by the struggling housing market and the resale of existing houses in particular. The Jericho, N.Y., building product provider posted a loss of $1.36 million, or 5 cents a share, compared with a profit of $8.47 million, or 27 cents a share, a year earlier. Net sales for the quarter ended Dec. 31 declined 21% to $341.4 million from $ 434.3 million a year ago. Griffon said it expects to record a 2008 charge of $12 million to $15 million related to a reduction of its work force, plant consolidation and other restructuring activities. Griffon also reclassified its $62.5 million long-term debt as current debt, anticipating that it won't be in compliance with its credit facilities. The company also initiated talks with lenders to amend current credit agreements.