Exhibit 99.1

          Griffon Corporation Announces Proposed Private Offering of
                   Contingent Convertible Subordinated Notes

         JERICHO, N.Y., July 14, 2003 - Griffon Corporation (NYSE: GFF)
announced today that it is seeking to raise, subject to market and other
conditions, approximately $125 million through a private offering of
contingent convertible subordinated notes. Griffon may raise up to an
additional $25 million if the initial purchasers exercise their right to
acquire additional notes in connection with the offering.

         The notes will be convertible into shares of the Company's common
stock upon the happening of certain events and mature in 2023. Griffon expects
to use the net proceeds from the offering to repay approximately $49 million
of revolving credit debt, to repurchase shares of its common stock and for
general corporate purposes.

         This notice does not constitute an offer to sell or the solicitation
of an offer to buy securities. The offering will be made only to qualified
institutional buyers in accordance with Rule 144A under the Securities Act of
1933, as amended. The securities to be offered have not been registered under
the Securities Act of 1933, as amended, or any state securities laws, and
unless so registered may not be offered or sold in the United States, except
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act of 1933, as amended, and
applicable state securities laws.

         Certain statements in this press release are forward-looking within
the meaning of the federal securities laws. While the Company believes any
forward-looking statements made are reasonable, 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
any obligation to release publicly any revisions to these forward-looking
statements to reflect future events or circumstances or to reflect the
occurrence of unanticipated events.