Resideo Technologies, Inc. announced a definitive agreement for the sale to Southwire Company, LLC of its Genesis Cable business, a leading low-voltage wire and cable manufacturer based in Pleasant Prairie, WI. The transaction is valued at approximately $87.5 million, subject to customary closing conditions and is anticipated to close in the next 30 days. Genesis is a leading 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.

With 187 employees and manufacturing in Pleasant Prairie, WI, Genesis manufactures approximately 70% of its products in-house and serves a broad set of distributor, dealer, and professional contractor customers. The transaction is expected to have minimal impact on Resideo's fourth quarter 2023 operating income and is expected to be immediately accretive to Products & Solutions gross and operating margin. Resideo expects to use the net proceeds from the transaction for ongoing organic and inorganic investment and to support capital return to shareholders through the recently announced share repurchase program.