SCOTTSDALE, Ariz., Oct. 16, 2023 -- Resideo Technologies, Inc. announced today that it has completed its previously announced sale of its Genesis Cable business to Southwire Company, LLC for $87.5 million in cash, subject to customary purchase price adjustments. The after-tax proceeds will be used to support Resideo's capital allocation strategy which includes ongoing organic and inorganic investments and the recently announced share repurchase program.
"The closing of the Genesis sale represents our commitment to optimizing our product portfolio and our continued focus on value creation opportunities across our Products and Solutions business," commented Jay Geldmacher, Resideo's President and CEO. "Genesis remains a strong partner to our ADI Global Distribution business and we look forward to our continued partnership as they join an industry leader in Southwire."
