Southwire Company and Resideo Technologies recently announced a definitive agreement for the sale of Resideo’s Genesis Wire & Cable business. Subject to customary closing conditions, the transaction is expected to close in the next 30 days.

Sep 19, 2023

Southwire Company, LLC, and Resideo Technologies, Inc. recently announced a definitive agreement for the sale of Resideo’s Genesis Wire & Cable business, a leading low-voltage wire and cable manufacturer based in Pleasant Prairie, Wis, to Southwire. The transaction is anticipated to close in the next 30 days, subject to customary closing conditions. With 187 employees, Genesis manufactures approximately 70 percent of its products in-house and purchases the remaining 30 percent as finished goods ready for distribution from other third-party manufacturers.

Mr. Rich Stinson, Southwire’s President and CEO, said, “We are excited to welcome the Genesis team to Southwire. 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.”

Watch: RR Kabel | Solar Cables | Solar Plant | Renewable Energy

Mr. Jay Geldmacher, Resideo’s President, and CEO, commented, “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. 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.”

Mr. Norman Adkins, COO at Southwire, said, “We’re excited to welcome the Genesis Cable team to Southwire. 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.”

Also Read: Hitachi Industrial Products to Launch High-capacity Multi-port EV Charger by October 2023

Mr. Geldmacher also said, “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.”