Southwire, Carrollton, GA, and Resideo Technologies signed a definitive agreement for the sale by Resideo to Southwire of its Genesis Wire & Cable business, a provider of low-voltage wire and cable manufacturer based in Pleasant Prairie, WI. The transaction is anticipated to close in the next 30 days, subject to customary closing conditions.
Genesis focuses on 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," said Jay Geldmacher, Resideo's president and CEO, in the press release. "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 in the release. "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," added 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."