Resideo
{{Use mdy dates|date=August 2023}}
{{Short description|American industrial company}}
{{Infobox company
| name = Resideo Technologies, Inc.
| logo = frameless
| type = Public
| traded_as = {{ubl|{{NYSE|REZI}}||S&P 600 component}}
| ISIN = {{ISIN|sl=n|pl=y|US76118Y1047}}
| industry = Security systems, Home automation, Fire detection
| fate =
| predecessor =
| successor =
| founded = October 29, 2018
| founder =
| defunct =
| hq_location_city = Scottsdale, Arizona
| area_served = Worldwide
| key_people = Jay Geldmacher (CEO)
Tony Trunzo (CFO)
Phillip Theodore (President P&S)
| products = Home automation products
| owner =
| num_employees = 16,000
| brands = Control4, Honeywell Home, First Alert
| revenue = {{increase}} {{US$|6.76 billion|link=yes}} (2024)https://investor.resideo.com/news/news-details/2025/Resideo-Announces-Full-Year-and-Fourth-Quarter-2024-Financial-Results-and-Initiates-2025-Outlook/default.aspx
| operating_income = {{decrease}} US$520 million (2024)
| net_income = {{decrease}} US$116 million (2024)
| assets = {{increase}} US$8.19 billion (2024)
| equity = {{increase}} US$3.30 billion (2024)
| divisions = ADI Global Distribution
| num_employees_year =
| parent =
| website = {{URL|https://www.resideo.com/}}
}}
Resideo Technologies, Inc. is an American multinational company that was 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{{cite web |last1=SSI Staff |title=Resideo Reveals Line of Honeywell Home Z-Wave Plus Controls |url=https://www.securitysales.com/product-news/resideo-honeywell-z-wave-plus-controls/ |website=SecuritySales.com |date=21 August 2019 |accessdate=12 September 2019}} control, security, and water and air monitoring. The company also distributes security, fire and low-voltage products.{{cite news
|title=Honeywell Completes Spin-Off Of Resideo Technologies |first=Joe |last=Cornell |date=November 2, 2018 |work=Forbes
|url=https://www.forbes.com/sites/joecornell/2018/11/02/honeywell-completes-spin-off-of-resideo-technologies }}{{cite news
|title=Resideo Stock Tanks Because the Stock Market Hates Confusion |first=Al |last=Root |date=March 7, 2019 |work=Barrons
|url=https://www.barrons.com/articles/resideo-stock-guidance-miss-honeywell-51551972325 }} The company has over 13,000 employees globally, and products in over 150 million households.
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.{{cite news |title=Honeywell Home products will be sold by a new company – Resideo |first=Bruce |last=Brown |date= July 27, 2018 |work=Digital Trends
|url=https://www.digitaltrends.com/home/honeywell-home-re-named-resideo/ }}{{cite news
|title=Honeywell To Spin-Off Non-Core Assets By End Of 2018 |first=Joe |last=Cornell
|date=October 12, 2017 |work=Forbes
|url=https://www.forbes.com/sites/joecornell/2017/10/12/honeywell-to-spin-off-non-core-assets-by-end-of-2018/#89a43bd50b97 }}{{cite news
|title=Heat Up Your Portfolio With This Connected-Home Stock |first=Luis |last=Sanchez
|date=July 7, 2019 |work=Motley Fool
|url=https://www.fool.com/investing/2019/07/07/heat-up-your-portfolio-with-this-connected-home-st.aspx }}
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.{{cite news |title=Honeywell Set to Spin Off 2 Units, but Keep Aerospace Division |first=Amy |last=Tsang |date=October 10, 2017 |work=New York Times
|url=https://www.nytimes.com/2017/10/10/business/dealbook/honeywell-aerospace-dan-loeb.html }}{{cite news |title=Resideo Names CFO, Board Ahead of Spinoff From Honeywell |date=September 12, 2018 |work=Wall Street Journal
|url=https://www.wsj.com/articles/resideo-names-cfo-board-ahead-of-spinoff-from-honeywell-1536764901 }}{{cite news |title=Resideo revealed as new honeywell Home Business Name |first=Paul |last=Rothman |date=July 25, 2018 |work=Security Info Watch |url=https://www.securityinfowatch.com/news/12422081/resideo-revealed-as-new-honeywell-home-business-name }}{{cite news
|title=Honeywell Will Spin Off Car Parts and Home Systems Businesses |first=Thomas |last=Black
|date=October 10, 2017 |work=Bloomberg
|url=https://www.bloomberg.com/news/articles/2017-10-10/honeywell-to-spin-off-car-parts-household-units-under-new-ceo }}
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.{{cite news |title=Smart Home Firm Resideo Technologies Pops On Earnings Report |first=Patrick |last=Seitz |date=November 14, 2018 |work=Investors Business Daily
|url=https://www.investors.com/news/technology/resideo-technologies-stock-q3-2018-earnings/ }} In the second quarter of 2019, the company reported sales of $1.2 billion and earnings of $0.19 per share.{{cite news |title=The U.S. Housing Market Is Fine. A Smart Home Product CEO Explains Why. |first=Al |last=Root |date=August 8, 2019 |work=Barrons
|url=https://www.barrons.com/articles/us-housing-market-is-fine-resideo-technologies-ceo-says-51565267390 }}{{cite web |last1=Underwood |first1=Janice |title=Resideo Technologies Inc (NYSE:REZI) Expected to Announce Quarterly Sales of $1.24 Billion |url=https://technewsobserver.com/news/2019/09/10/resideo-technologies-inc-nyserezi-expected-to-announce-quarterly-sales-of-1-24-billion-updated.html |website=Tech News Observer |accessdate=12 September 2019}}
In 2021, Resideo announced that it would move its corporate headquarters from Austin, Texas to Scottsdale, Arizona. The move was complete by early 2022.{{Citation needed|date=December 2022}}
=Mergers and acquisitions=
On March 28, 2019, Resideo announced the acquisition of Buoy Labs, a company that offers water usage and leak prevention products.{{cite news |title=Resideo Acquires Buoy Labs, Adds Smart Leak Detection to Portfolio |date=March 28, 2019 |work=Cepro
|url=https://www.cepro.com/article/resideo_acquires_buoy_labs_smart_leak_detection }} 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.{{cite news |title=Resideo Acquires Whisker Labs' Responsive Energy Efficiency Technology |date=May 22, 2019 |work=Cepro |url=https://www.cepro.com/article/resideo_acquires_whisker_labs_energy_technology }}
On June 27, 2019, Resideo announced the acquisition of LifeWhere, a company that uses predictive analytics to forecast home appliance failures.{{cite web |last1=Griffin |first1=Joel |title=Resideo looks beyond security to expand its presence in the smart home |url=https://www.securityinfowatch.com/residential-technologies/smart-home/article/21087317/resideo-looks-beyond-security-to-expand-its-presence-in-the-smart-home |website=SecurityInfoWatch.com |date=July 5, 2019 |accessdate=12 September 2019}}{{cite news
|title=Resideo Technologies, Inc. (REZI) Acquires LifeWhere |date=June 27, 2019 |work=Street Insider |url=https://www.streetinsider.com/Corporate+News/Resideo+Technologies%2C+Inc.+%28REZI%29+Acquires+LifeWhere/15656190.html }}
On February 7, 2022, Resideo announced it would acquire First Alert from Newell Brands.{{Cite news |date=February 7, 2022 |title=Resideo Announces Agreement to Acquire First Alert, Inc., a Leader in Home Safety Products, and Provides Preliminary Fourth Quarter Financial Results |url=https://www.prnewswire.com/news-releases/resideo-announces-agreement-to-acquire-first-alert-inc-a-leader-in-home-safety-products-and-provides-preliminary-fourth-quarter-financial-results-301476210.html |website=PR Newswire |access-date=February 8, 2022}}
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.{{cite web | url=https://www.adiglobal.com/company-news/resideo-to-acquire-snap-one-to-expand-presence-in-smart-living-products-and-distribution-24/ | title=Resideo to Acquire Snap One to Expand Presence in Smart Living Products and Distribution }} 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.{{cite web | url=https://audioxpress.com/news/resideo-to-acquire-control4-triad-audio-and-other-snap-one-brands | title=Resideo to Acquire Control4, Triad Audio and Other Snap One Brands | date=April 16, 2025 }}
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.{{cite news |title=Resideo Reports Upbeat Q1 Performance on Strong Sales Volumes |first=Rodney |last=Bosch |date=May 13, 2019 |work=Security Sales & Integration |url=https://www.securitysales.com/automation/smart-home/resideo-upbeat-q1-performance/ }}
=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.{{cite news |title=Resideo Previews New Honeywell Home Ecosystem at CES 2019 |first=Jason |last=Knott |date=January 11, 2019 |work=Yahoo Finance |url=https://www.securitysales.com/automation/resideo-honeywell-home-ces/}}
References
{{Reflist}}
External links
- {{Official|https://www.resideo.com/}}
{{Finance links
| name = Resideo Technologies, Inc.
| symbol = REZI
| reuters = REZI.N
| bloomberg = REZI:US
| sec_cik = 1740332
| yahoo = REZI
| google = REZI
}}
{{Authority control}}
Category:American companies established in 2018
Category:Companies based in Scottsdale, Arizona