Resideo Acquires Regional Distributor Norfolk Wire & Electronics
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
Acquisition enhances growing Data Communications product category within ADI Global Distribution
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
AUSTIN, Texas, April 1, 2021 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI) today announced it has acquired privately held Norfolk Wire & Electronics ("Norfolk"), based in Richmond, Va. Norfolk was founded in 1985 and is a leading regional distributor of security, telecom, network and audio-video (AV) related products, supplies and tools. With 11 full-service retail locations and a 43,000 sq. ft. distribution center, Norfolk serves customers across the mid-Atlantic region, and will be part of Resideo's ADI Global Distribution business, a leading wholesale distributor of security, AV and low-voltage products.
"ADI is core to Resideo's long-term growth, and this acquisition aligns with our strategy to identify and execute on tuck-in acquisitions that accelerate ADI's expansion in adjacent categories," said Jay Geldmacher, President and CEO of Resideo. "The products and services of Norfolk Wire & Electronics complement ADI's existing offerings and expand our reach into an attractive growth market."
The Norfolk acquisition builds upon ADI's presence in the Data Communications market with an assortment of copper and fiber cabling, connectors, racking products and more. Additionally, the acquisition increases ADI's branch presence in the mid-Atlantic region and strengthens its local bulk product availability and custom cutting services, pre-and-post technical support and project assistance.
"The increased need for high speed connectivity, growth in IOT industrial devices and the introduction of new technologies are driving demand for Data Communications products," said Rob Aarnes, President of ADI Global Distribution. "ADI remains committed to ensuring our customers have immediate access to all the products and equipment they need to be successful in today's market. This acquisition expands our offering in a growing category and will allow us to serve more customers."
Terms of the transaction were not disclosed.
About ResideoResideo is a leading global manufacturer and distributor of technology-driven products and solutions that provide comfort, security, energy efficiency and control to customers worldwide. Building on a 130-year heritage, Resideo has a presence in more than 150 million homes, with 15 million systems installed in homes each year. We continue to serve more than 110,000 professionals through leading distributors, including our ADI Global Distribution business, which exports to more than 100 countries from nearly 200 stocking locations around the world. For more information about Resideo, please visit www.resideo.com.
Forward-Looking StatementsThis release contains "forward-looking statements." All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results or performance of the company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, those described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our Annual Report on Form 10-K for the year ended Dec. 31, 2020 filed with the Securities and Exchange Commission ("SEC"). You are cautioned not to place undue reliance on these forward-looking statements. Forward looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release, and we caution investors not to place undue reliance on any such forward-looking statements.
View original content to download multimedia:http://www.prnewswire.com/news-releases/resideo-acquires-regional-distributor-norfolk-wire--electronics-301260282.html
SOURCE Resideo Technologies, Inc.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Virgin Galactic (SPCE) Plunges 4% as Founder Richard Branson Sells Over $150 Million in Stock
- Saturday Volunteer Event Caps Three-Year 'Fueling Good, Rebuilding Lives' CITGO/Rebuilding Together Partnership
- NASA to Attempt First Controlled Flight on Mars As Soon As Monday