Resideo

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Resideo
TypePublic
NYSE: REZI
ISINUS76118Y1047
IndustrySecurity systems, Home automation, Fire detection
FoundedOctober 29, 2018
Headquarters
Austin, TX
,
United States
Area served
Worldwide
Key people
Jay Geldmacher (CEO)
Tony Trunzo (CFO)
ProductsHome automation products
RevenueIncrease $5.8 Billion(2020)[1]
Number of employees
13,000
Websitewww.resideo.com

Resideo Technologies, Inc. is a publicly traded U.S.-based company formed in 2018 out of a spin off from Honeywell. It provides room air temperature, quality, and humidity control and security systems primarily in residential dwellings in the U.S. and internationally. The company operates in two segments: products and solutions and global distribution. It manufactures and distributes smart-home and software products, including temperature and lighting[2] control, security, and water and air monitoring. The company also distributes security, fire and low-voltage products.[3][4]

History[]

Spin-off[]

Honeywell spun off the Homes and Distribution business in October 2018 as part of a corporate restructuring program. The new company was named Resideo. Shares in the company began trading on the New York Stock Exchange under the ticker symbol REZI.[5][6][7] Roger Fradin, a former vice chairman of Honeywell, was named board chair. Mike Nefkens was named president and CEO. The company established its headquarters in Austin, Texas following the spin-off. [8][9][10][11] Resideo’s shares initially traded at $28 with market capitalization of $3.2 billion. In its first full quarter as a standalone company, the company reported sales of $1.2 billion and earnings of $2.53 per share.[3][12][5] In the second quarter of 2019, the company reported sales of $1.2 billion and earnings of $0.19 per share.[13][14]

Mergers and acquisitions[]

On March 28, 2019, Resideo announced the acquisition of Buoy Labs, a company that offers water usage and leak prevention products.[15] On May 21, 2019, Resideo announced it had acquired energy efficiency technology from Whisker Labs. The technology creates an thermodynamic model of a home to predict energy use and enable efficiency.[16] On June 27, 2019, Resideo announced the acquisition of LifeWhere, a company that uses predictive analytics to forecast home appliance failures.[17][18]

On February 7, 2022, Resideo announced it would acquire First Alert from Newell Brands.[19]

Business units[]

Products and solutions[]

Resideo sells products under the Honeywell Home brand through a long-term licensing agreement. Products include security cameras, heating controls, water leak and freeze detectors, and thermostats and controls. [20][7]

Distribution[]

Resideo owns ADI Global Distribution, a wholesale distributor of security products. Along with the Homes unit, ADI Global was spun off from Honeywell as part of the restructuring that became Resideo.[20][21]

References[]

  1. ^ https://investor.resideo.com/news/news-details/2021/Resideo-Announces-Third-Quarter-2021-Financial-Results/
  2. ^ SSI Staff. "Resideo Reveals Line of Honeywell Home Z-Wave Plus Controls". SecuritySales.com. Retrieved 12 September 2019.
  3. ^ a b Cornell, Joe (November 2, 2018). "Honeywell Completes Spin-Off Of Resideo Technologies". Forbes.
  4. ^ Root, Al (March 7, 2019). "Resideo Stock Tanks Because the Stock Market Hates Confusion". Barrons.
  5. ^ a b Brown, Bruce (July 27, 2018). "Honeywell Home products will be sold by a new company – Resideo". Digital Trends.
  6. ^ Cornell, Joe (October 12, 2017). "Honeywell To Spin-Off Non-Core Assets By End Of 2018". Forbes.
  7. ^ a b Sanchez, Luis (July 7, 2019). "Heat Up Your Portfolio With This Connected-Home Stock". Motley Fool.
  8. ^ Tsang, Amy (October 10, 2017). "Honeywell Set to Spin Off 2 Units, but Keep Aerospace Division". New York Times.
  9. ^ "Resideo Names CFO, Board Ahead of Spinoff From Honeywell". Wall Street Journal. September 12, 2018.
  10. ^ Rothman, Paul (July 25, 2018). "Resideo revealed as new honeywell Home Business Name". Security Info Watch.
  11. ^ Black, Thomas (October 10, 2017). "Honeywell Will Spin Off Car Parts and Home Systems Businesses". Bloomberg.
  12. ^ Seitz, Patrick (November 14, 2018). "Smart Home Firm Resideo Technologies Pops On Earnings Report". Investors Business Daily.
  13. ^ Root, Al (August 8, 2019). "The U.S. Housing Market Is Fine. A Smart Home Product CEO Explains Why". Barrons.
  14. ^ Underwood, Janice. "Resideo Technologies Inc (NYSE:REZI) Expected to Announce Quarterly Sales of $1.24 Billion". Tech News Observer. Retrieved 12 September 2019.
  15. ^ "Resideo Acquires Buoy Labs, Adds Smart Leak Detection to Portfolio". Cepro. March 28, 2019.
  16. ^ "Resideo Acquires Whisker Labs' Responsive Energy Efficiency Technology". Cepro. May 22, 2019.
  17. ^ Griffin, Joel. "Resideo looks beyond security to expand its presence in the smart home". SecurityInfoWatch.com. Retrieved 12 September 2019.
  18. ^ "Resideo Technologies, Inc. (REZI) Acquires LifeWhere". Street Insider. June 27, 2019.
  19. ^ "Resideo Announces Agreement to Acquire First Alert, Inc., a Leader in Home Safety Products, and Provides Preliminary Fourth Quarter Financial Results". PR Newswire. February 7, 2022. Retrieved February 8, 2022.
  20. ^ a b Bosch, Rodney (May 13, 2019). "Resideo Reports Upbeat Q1 Performance on Strong Sales Volumes". Security Sales & Integration.
  21. ^ Knott, Jason (January 11, 2019). "Resideo Previews New Honeywell Home Ecosystem at CES 2019". Yahoo Finance.

External links[]

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