Southwire Company, LLC, and Resideo Technologies, Inc. have recently come to an agreement wherein Genesis Wire & Cable will be sold to Southwire. The deal is expected to close in the next 30 days, subject to customary closing conditions, according to the joint announcement.
Genesis Wire & Cable is a low-voltage cable manufacturer whose products are sold in a wide range of residential and commercial markets and encompass a broad set of uses, including comfort, security, network and communications, entertainment, and fire and safety.
The company serves a broad set of distributors, dealers and professional contractor customers.
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.
In a joint announcement, Rich Stinson, Southwire’s president and CEO, shared his excitement over the sale, stating that Genesis will be a “perfect fit” for Southwire.
“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,” he says.
“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,” says Jay Geldmacher, Resideo’s president and CEO, in the joint announcement.
“We are pleased with the value realized for this non-strategic asset and we continue to explore value creation opportunities across our products and solutions portfolio.
“This is also an exciting opportunity for the Genesis team, who will join a well-recognized leader in Southwire. 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,” he says.
“We’re excited to welcome the Genesis Cable team to Southwire,” says Norman Adkins, COO at Southwire, in the joint announcement. “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.”
Earlier this year, Resideo further expanded its set of HVAC solutions by offering Honeywell Home T10+ Smart Thermostat Kits.
Another version of this article originally appeared on our sister site Security Sales & Integration. It has since been updated for CE Pro audiences.
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our digital newsletters!