SCOTTSDALE, Ariz., Feb. 14, 2022 /PRNewswire/ -- Resideo
Technologies, Inc. (NYSE: REZI), a leading global provider of home
comfort and security solutions and distributor of commercial and
residential security and audio-visual products, today announced it
has acquired privately held Arrow Wire & Cable ("Arrow"), based
in Chino, Calif. Arrow was founded
in 1989 and is a leading regional distributor of data
communications, connectivity and security products. With three
strategically positioned warehouse stocking locations, Arrow serves
customers across the West Coast and will be part of Resideo's ADI
Global Distribution business.
"ADI is a critical component to Resideo's long-term growth. As
such, we are strategically investing in the business organically
while simultaneously pursuing tuck-in acquisitions. This
two-pronged approach helps broaden our market reach and accelerate
our growth," said Jay Geldmacher,
President and CEO of Resideo. "The acquisition of Arrow aligns
with ADI's strategic growth plan of expansion into adjacent
categories, marking the fourth acquisition for our distribution
business since 2020 and second in Data Communications."
Arrow strengthens ADI's portfolio in the Data Communications
category with an assortment of copper and fiber cabling and
connectivity, connectors, racking solutions, network equipment and
more. Additionally, the acquisition increases ADI's geographic
footprint with added warehouse and distribution operations to
better enable ADI to meet the needs of
customers.
"ADI is committed to providing our customers with the products,
support and services they need, and we are always looking for ways
to help them grow," said Rob Aarnes,
President of ADI Global Distribution. "We identified Data
Communications as a growth category for ADI and our customers.
Arrow complements our offering and builds upon our Norfolk Wire
& Electronics acquisition and organic investment to further
define and grow our position in the Data Communications
market."
Terms of the transaction were not disclosed.
About Resideo
Resideo 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.
Contacts:
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Media:
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Investors:
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Adrienne
Zimoulis
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Jason
Willey
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adrienne.zimoulis@resideo.com
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investorrelations@resideo.com
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Forward-Looking Statements
This 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.
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SOURCE Resideo Technologies, Inc.