Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, April 9, 2021

Article Excerpt

RESIDEO TECHNOLOGIES INC., $28.06, symbol REZI on New York, makes heating, ventilation and air-conditioning equipment. It also distributes fire protection and building security products. Honeywell International Inc. (symbol HON on New York) spun off Resideo in October 2018. Honeywell shareholders received one share of Resideo for every six of their Honeywell shares. On April 1, 2021, Resideo announced that it had acquired Virginia-based Norfolk Wire & Electronics. It hasn’t disclosed the purchase price. Founded in 1985, Norfolk is a regional distributor of security, telecom, network and audio-video related products, supplies and tools. Norfolk serves customers across the mid-Atlantic region and will be part of Resideo’s ADI Global Distribution business; it’s a wholesale distributor of security, AV and low-voltage products. Norfolk has 11 full-service retail locations and a 43,000-square-foot distribution centre. The Norfolk acquisition builds on ADI’s presence in the data communications market with an assortment of copper and fibre cabling, connectors, racking products and more. Additionally, the acquisition increases ADI’s branch presence in the…

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