Honeywell is seeking to boost its position in the home-networking market by agreeing to acquire the remaining 70 percent stake of Genesis Cable Systems LLC that it doesn’t already own.
Honeywell acquired a 30 percent stake in Genesis Cable through its Pittway Corp. acquisition in February 2000. Although Honeywell did not manufacture low-voltage wire and cable, its recent acquisition of FutureSmart Systems and growing interest in the home-networking market would make the proposed acquisition of Genesis Cable Systems a natural addition to the product portfolio, said a Honeywell spokesperson.
Genesis Cable makes low-voltage cable for voice, video, data, access control, alarm and security, home theater, sound and thermostat applications as well as structured wiring for the fast-growing home networking industry. It employs 270 employees at its office and factory in Pleasant Prairie, Wis.
Honeywell has a position in this market through FutureSmart Systems, Draper, Utah, a provider of digital communications and networking systems for homes, condominiums and apartments that it acquired in 2003.
“This is a strong fit for us because wire and cable plays an integral role in so many Honeywell systems,” said Ben Cornett, president of Honeywell Security. “It’s also the glue behind the connected home, so this nicely complements our recent acquisition of FutureSmart Systems. In its industry segment, Genesis is recognized as an innovator and has an exceptional reputation for providing quality and value.”
Genesis Cable, an eight-year-old company, will become part of the Honeywell Security and Custom Electronics unit, a manufacturer of professional alarm systems and structured wiring products located in Syosset, N.Y.
“We’re very excited to be part of Honeywell,” said Jim Coleman, president of Genesis Cable. “Our products provide the bandwidth that makes integration possible in homes and businesses. This will advance Honeywell’s strategy of bringing together security, fire, sound, home theater, voice, data and energy management.”
Coleman, who has an extensive background in the wire and cable business, will join Honeywell.