SCOTTSDALE, Ariz., Oct. 16,
2023 /PRNewswire/ -- Resideo Technologies, Inc.
(NYSE: REZI) announced today that it has completed its previously
announced sale of its Genesis Cable
business to Southwire Company, LLC for $87.5
million in cash, subject to customary purchase price
adjustments. The after-tax proceeds will be used to support
Resideo's capital allocation strategy which includes ongoing
organic and inorganic investments and the recently announced share
repurchase program.
"The closing of the Genesis sale represents our commitment to
optimizing our product portfolio and our continued focus on value
creation opportunities across our Products and Solutions business,"
commented Jay Geldmacher, Resideo's
President and CEO. "Genesis remains a strong partner to our ADI
Global Distribution business and we look forward to our continued
partnership as they join an industry leader in Southwire."
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.
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Resideo
Contacts:
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Investors:
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Media:
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Jason Willey
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Garrett
Terry
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Vice President,
Investor Relations
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Corporate
Communications Manager
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investorrelations@resideo.com
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garrett.terry@resideo.com
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SOURCE Resideo Technologies, Inc.