RESTRUCTURING AND OTHER RELATED CHARGES

12 Months Ended

Sep. 30, 2011

Restructuring and Related Activities Disclosure [Text Block]

NOTE 8 – RESTRUCTURING AND OTHER RELATED CHARGES

In June 2009, Griffon announced plans to consolidate facilities in CBP. These actions were completed in 2011, consistent with the plan. In completing the consolidation plan, CBP incurred total pre-tax exit and restructuring costs approximating $9,031, substantially all of which was cash charges; charges include $1,160 for one-time termination benefits and other personnel costs, $210 for excess facilities and related costs, and $7,661 for other exit costs, primarily in connection with production realignment, and had $10,365 of capital expenditures. The restructuring costs were $3,611 in 2011, $4,180 in 2010 and $1,240 in 2009. At September 30, 2011, $900 was included in Property, Plant and Equipment, net, for a building held for sale.

In 2011, ATT recognized $886 in restructuring costs primarily related to termination benefits, reducing administrative headcount by 25.

Telephonics recognized $3,046 of restructuring charges in 2011 related to a voluntary early retirement plan and other restructuring costs, reducing headcount by 75.

A summary of the restructuring and other related charges included in the line item “Restructuring and other related charges” in the Consolidated Statements of Operations recognized for 2009, 2010 and 2011 were as follows:

	Workforce Reduction		Facilities & Exit Costs		Other Related Costs		Total
Amounts incurred in:
Year ended September 30, 2009	$	207	$	672	$	361	$	1,240
Year ended September 30, 2010	$	602	$	2,549	$	1,029	$	4,180
Year ended September 30, 2011	$	3,789	$	1,809	$	1,945	$	7,543

The activity in the restructuring accrual recorded in accrued liabilities consisted of the following:

	Workforce Reduction			Facilities & Exit Costs			Other Related Costs			Total
Accrued liability at September 30, 2010	$	1,541		$	—		$	—		$	1,541
Charges		3,789			1,809			1,945			7,543
Payments		(2,673	)		(1,809	)		(1,945	)		(6,427	)
Accrued liability at September 30, 2011	$	2,657		$	—		$	—		$	2,657