Resideo

Last updated

Resideo
Company type Public
NYSE:  REZI
ISIN US76118Y1047
Industry Security systems, Home automation, Fire detection
FoundedOctober 29, 2018
Headquarters
Scottsdale, Arizona [1]
,
United States
Area served
Worldwide
Key people
Jay Geldmacher (CEO)
Tony Trunzo (CFO)
Phillip Theodore (President P&S)
ProductsHome automation products
Brands Control4, Honeywell Home
First Alert
RevenueDecrease2.svg US$6.24 billion (2023) [2]
Decrease2.svg US$547 million (2023)
Decrease2.svg US$495 million (2023)
Total assets Increase2.svg US$6.645 billion (2023)
Total equity Increase2.svg US$2.749 billion (2023)
Number of employees
16,000
Divisions ADI Global Distribution
Website www.resideo.com/us/en/ OOjs UI icon edit-ltr-progressive.svg

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 distribution. It manufactures and distributes smart-home and software products, including temperature and lighting [3] control, security, and water and air monitoring. The company also distributes security, fire and low-voltage products. [4] [5] The company now has over 13,000 employees globally, and products in over 150 million households.

Contents

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. [6] [7] [8] 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. [9] [10] [11] [12] 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. [4] [13] [6] In the second quarter of 2019, the company reported sales of $1.2 billion and earnings of $0.19 per share. [14] [15]

In 2021, Resideo announced that it would move its corporate headquarters from Austin, Texas to Scottsdale, Arizona. [1] The move was complete by early 2022.[ citation needed ]

Mergers and acquisitions

On March 28, 2019, Resideo announced the acquisition of Buoy Labs, a company that offers water usage and leak prevention products. [16] All Buoy products have been discontinued and support was stopped 31st March 2021.

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. [17]

On June 27, 2019, Resideo announced the acquisition of LifeWhere, a company that uses predictive analytics to forecast home appliance failures. [18] [19]

On February 7, 2022, Resideo announced it would acquire First Alert from Newell Brands. [20]

On April 15th, 2024, Resideo announced it would acquire Snap One, a major home automation provider, for $10.75 per share in cash, for a transaction value of approximately $1.4 billion. [21] This purchase includes the Control4 brand, which has provided home automation solutions since 2004. Other Snap One brands such as Triad, Luma, and Araknis will all be sold through ADI Global Distribution. [22]

Business units

Products

Resideo sells a range of products under the Honeywell Home brand through a long-term licensing agreement. Products include security cameras, heating and cooling controls (thermostats), water leak and freeze detectors. [23] [8]

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. [23] [24]

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References

  1. 1 2 "Resideo Technologies Inc (REZI) Q2 2021 Earnings Call Transcript". Fool.com. August 6, 2021. Retrieved March 30, 2022.
  2. ↑ "Resideo Announces Fourth Quarter and Full Year 2023 Financial Results". resideo.com. February 13, 2024. Retrieved April 22, 2024.
  3. ↑ SSI Staff (August 21, 2019). "Resideo Reveals Line of Honeywell Home Z-Wave Plus Controls". SecuritySales.com. Retrieved September 12, 2019.
  4. 1 2 Cornell, Joe (November 2, 2018). "Honeywell Completes Spin-Off Of Resideo Technologies". Forbes.
  5. ↑ Root, Al (March 7, 2019). "Resideo Stock Tanks Because the Stock Market Hates Confusion". Barrons.
  6. 1 2 Brown, Bruce (July 27, 2018). "Honeywell Home products will be sold by a new company – Resideo". Digital Trends.
  7. ↑ Cornell, Joe (October 12, 2017). "Honeywell To Spin-Off Non-Core Assets By End Of 2018". Forbes.
  8. 1 2 Sanchez, Luis (July 7, 2019). "Heat Up Your Portfolio With This Connected-Home Stock". Motley Fool.
  9. ↑ Tsang, Amy (October 10, 2017). "Honeywell Set to Spin Off 2 Units, but Keep Aerospace Division". New York Times.
  10. ↑ "Resideo Names CFO, Board Ahead of Spinoff From Honeywell". Wall Street Journal. September 12, 2018.
  11. ↑ Rothman, Paul (July 25, 2018). "Resideo revealed as new honeywell Home Business Name". Security Info Watch.
  12. ↑ Black, Thomas (October 10, 2017). "Honeywell Will Spin Off Car Parts and Home Systems Businesses". Bloomberg.
  13. ↑ Seitz, Patrick (November 14, 2018). "Smart Home Firm Resideo Technologies Pops On Earnings Report". Investors Business Daily.
  14. ↑ Root, Al (August 8, 2019). "The U.S. Housing Market Is Fine. A Smart Home Product CEO Explains Why". Barrons.
  15. ↑ Underwood, Janice. "Resideo Technologies Inc (NYSE:REZI) Expected to Announce Quarterly Sales of $1.24 Billion". Tech News Observer. Retrieved September 12, 2019.
  16. ↑ "Resideo Acquires Buoy Labs, Adds Smart Leak Detection to Portfolio". Cepro. March 28, 2019.
  17. ↑ "Resideo Acquires Whisker Labs' Responsive Energy Efficiency Technology". Cepro. May 22, 2019.
  18. ↑ Griffin, Joel. "Resideo looks beyond security to expand its presence in the smart home". SecurityInfoWatch.com. Retrieved September 12, 2019.
  19. ↑ "Resideo Technologies, Inc. (REZI) Acquires LifeWhere". Street Insider. June 27, 2019.
  20. ↑ "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.
  21. ↑ https://www.adiglobal.com/company-news/resideo-to-acquire-snap-one-to-expand-presence-in-smart-living-products-and-distribution-24/
  22. ↑ https://audioxpress.com/news/resideo-to-acquire-control4-triad-audio-and-other-snap-one-brands
  23. 1 2 Bosch, Rodney (May 13, 2019). "Resideo Reports Upbeat Q1 Performance on Strong Sales Volumes". Security Sales & Integration.
  24. ↑ Knott, Jason (January 11, 2019). "Resideo Previews New Honeywell Home Ecosystem at CES 2019". Yahoo Finance.
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