May 3 (Reuters) - Griffon Corp:
* GRIFFON CORPORATION ANNOUNCES CLOPAY BUILDING PRODUCTS TO ACQUIRE CORNELLCOOKSON
* ACQUISITION IS EXPECTED TO BE FINANCED THROUGH CASH ON HAND
* AFTER TAKING INTO ACCOUNT TAX BENEFITS RESULTING FROM TRANSACTION, EFFECTIVE PURCHASE PRICE IS APPROXIMATELY $170 MILLION
* IN FIRST FULL YEAR OF OPERATIONS, GRIFFON EXPECTS CORNELLCOOKSON TO CONTRIBUTE $200 MILLION IN NET SALES AND $0.15 IN EARNINGS PER SHARE
* CO, CORNELLCOOKSON HAVE STRUCTURED ACQUISITION SUCH THAT IT WILL BE TREATED AS AN ASSET PURCHASE FOR TAX PURPOSES Source text for Eikon: Further company coverage: