CARROLLTON, Ga., Sept. 19,
2023 /PRNewswire/ -- Southwire Company, LLC, and
Resideo Technologies, Inc. (NYSE: REZI) announced today a
definitive agreement for the sale by Resideo to Southwire of its
Genesis Wire & Cable business, a
leading low-voltage wire and cable manufacturer based in
Pleasant Prairie, Wis. The
transaction is anticipated to close in the next 30 days, subject to
customary closing conditions.
"We are excited to welcome the Genesis team to Southwire," said
Rich Stinson, Southwire's President
and CEO. "The strong brand and quality reputation Genesis has built
over the last three decades is a perfect fit for Southwire and our
focus on innovation, service and quality. Their product offering
provides an opportunity to share our innovative solutions with even
more customers, positioning us for success both now and in the
future."
Genesis is a leading U.S. low-voltage cable manufacturer,
providing critical connection for a wide range of residential and
commercial applications, including comfort, security, network and
communications, entertainment, and fire and safety. The company
serves a broad set of distributors, dealers and professional
contractor customers.
"The sale of Genesis is an exciting step in our ongoing work to
optimize our product portfolio by divesting a non-core asset and
sharpening our focus on our long-term strategy and margin goals,"
commented Jay Geldmacher, Resideo's
President and CEO. "We are pleased with the value realized for this
non-strategic asset and we continue to explore value creation
opportunities across our Products & Solutions portfolio."
With 187 employees, Genesis manufactures approximately 70% of
its products in-house and purchases the remaining 30% as finished
goods ready for distribution from other third-party
manufacturers.
"We're excited to welcome the Genesis Cable team to Southwire,"
said Norman Adkins, COO at
Southwire. "The company's expertise in low-voltage wire and cable
production will be instrumental as we continue to expand into new
and emerging markets, especially within the Security and HVAC sales
channels."
"This is also an exciting opportunity for the Genesis team, who
will join a well-recognized leader in Southwire," said Geldmacher.
"We look forward to continuing the strong partnership between
Genesis and our ADI Global Distribution business and the
opportunity to expand our relationship with Southwire."
About Southwire
A leader in technology and innovation, Southwire Company, LLC is
one of North America's largest
wire and cable producers and an emerging influence in the
industrial electrical space. Southwire and its subsidiaries
manufacture building wire and cable, utility
products, metal-clad cable, portable and electronic cord
products, OEM wire products and engineered products. In addition,
Southwire supplies assembled products, contractor equipment and
hand tools. For more on Southwire's products, its community
involvement, and its vision of sustainability,
visit www.southwire.com.
About Resideo
Resideo is a leading global manufacturer and developer of
technology-driven products and components that provide critical
comfort, energy management, and safety and security solutions to
over 150 million homes globally. Through our ADI Global
Distribution business, we are also a leading wholesale distributor
of low-voltage security and life safety products for commercial and
residential markets and serve a variety of adjacent product
categories including audio visual, data com, wire and cable, and
smart home solutions. For more information about Resideo, please
visit www.resideo.com.
Southwire Contacts:
Executive:
|
Media:
|
Norman Adkins
|
Ashley Bush
|
COO
|
Director,
Communications
|
Norman.Adkins@Southwire.com
|
Ashley.Bush@Southwire.com
|
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SOURCE Southwire