TTM Technologies has bought Telephonics Corporation from Griffon Corporation.

Telephonics offers surveillance, communication and analysis services for land, sea and air applications.

“We are pleased to announce the closing of the sale of Telephonics. This transaction unlocks immediate value for our shareholders and strengthens our balance sheet,” said Ronald J. Kramer, Griffon’s chairman. “Telephonics has been a part of Griffon for more than sixty years. We are proud of their accomplishments and confident the business will flourish as a part of TTM.”

Lazard acted as financial advisor to Griffon for this transaction, and Dechert LLP acted as Griffon’s legal counsel. J.P. Morgan acted as financial advisor to TTM, and O’Melveny & Myers LLP served as TTM’s legal counsel.