Griffon Corp. [GFF] on Monday said its board of directors has authorized a review of strategic alternatives for the company’s Telephonics subsidiary, which designs and produces electronic systems for defense and homeland security applications.

“Telephonics, founded in 1933, has been a trusted provider of defense electronics to the United States and its allies, with a distinguished history of technical accomplishments in maritime radar and aviation systems,” Ronald Kramer, Griffon’s chairman and CEO, said in a statement. “Griffon is evaluating strategic alternatives for Telephonics to increase long-term value for our shareholders while creating enhanced growth opportunities for Telephonics.”

Companies often use the term strategic alternatives as a euphemism to explore the sale of a business unit or the company itself. Lazard is the financial adviser to Griffon for the review.

Telephonics offers solutions for radar and surveillance, communications systems, and ground surveillance.

Griffon posted $2.4 billion in sales in 2020 with the defense electronics business contributing $341 million, which was up 2 percent from 2019. Griffon’s portfolio also includes consumer and professional products and home and building products.