Resideo Agrees to Sell Genesis Wire & Cable Business to Southwire
Genesis is a low-voltage cable manufacturer in the comfort, security, network and communications, entertainment and fire and safety markets.
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.
CARROLLTON, Ga. — Southwire Company, LLC, and Resideo Technologies, Inc. today announced a definitive agreement for Resideo to sell its Genesis Wire & Cable business to Southwire, according to a joint press release.
Genesis Wire is a low-voltage wire and cable manufacturer based in Pleasant Prairie, Wisc. The deal is expected to close in the next 30 days, subject to customary closing conditions, according to the joint announcement.
“We are excited to welcome the Genesis team to Southwire,” says Rich Stinson, Southwire’s president and CEO, in the joint announcement. “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,” he says.
Why Southwire Wanted Genesis
Genesis is a low-voltage cable manufacturer whose products are used in 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,” 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.
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,” 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.”
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