Wire and cable product manufacturer Southwire announced Sept. 19 that it has reached a definitive agreement with Resideo Technologies, Inc. to acquire its Genesis Wire & Cable business, a low-voltage wire and cable manufacturer based in Pleasant Prairie, Wisconsin.
The transaction is anticipated to close in the next 30 days, subject to customary closing conditions. Financial details were not disclosed.
“We are excited to welcome the Genesis team to Southwire,” said Rich Stinson, Southwire’s President and CEO. “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.”
Genesis has 187 employees and manufactures approximately 70% of its products in-house and purchases the remaining 30% as finished goods ready for distribution from other third-party manufacturers.
“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. “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.”