Clopay Plastics Products: Plastics giant Griffon divests subsidiary to Berry Global for $475 million

Griffon Corp. has officially cashed in on one of its subsidiaries. The Manhattan-based holding company sold Clopay Plastic Products Company Inc. to plastic packaging company Berry Global Group for $475 million in cash. The deal had been in the works since November. Berry Global (NYSE: BERY) said it will use proceeds from the $500 million private offering it received last month to fund the purchase. Had the transaction fallen through, it would have used the capital to pay off debt. "This divestiture...