Resideo Technologies Announces Sale Of Genesis - Quick Facts

(RTTNews) - Resideo Technologies, Inc. (REZI) announced a definitive agreement for the sale to Southwire Company, LLC of its Genesis Cable business in a deal valued at approximately $87.5 million. Genesis is a 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.

Resideo Technologies expects the transaction to have minimal impact on fourth quarter 2023 operating income and to be immediately accretive to Products & Solutions gross and operating margin. Resideo expects to use the net proceeds for ongoing organic and inorganic investment and to support capital return to shareholders through the recently announced share repurchase program.