Honeywell buys remaining interest in Genesis Cable
June 10, 2004
SYOSSET, N.Y. - Honeywell is stepping up its low-voltage wire and cable offering to the security market, announcing late last week plans to buy all outstanding shares of Genesis Cable Systems. The security product manufacturer already owned a 30 percent interest in Pleasant Prairie, Wis.-based Genesis Cable, but the remaining amount has been privately held. The transaction, if it receives regulatory approval, would give Honeywell 100 percent ownership in the business.
According to Ben Cornett, president of Honeywell Security, Genesis Cable is a fit because wire and cable play an important role in so many Honeywell security systems. "It's also the glue behind the connected home, so this nicely complements our recent acquisition of FutureSmart Systems," he said.
Genesis Cable manufactures low-voltage cable for voice, video, data, access control, alarm and other applications. The company employs 270 people and will become part of the Honeywell Security & Custom Electronics unit. Terms of the transaction were not released.
To read more on this story, see the July issue of Security Systems News.