Honeywell is seeking to boost its position in the home-networking market by acquiring the remaining 70 percent stake of Genesis Cable Systems LLC.
Honeywell acquired a 30 percent stake in Genesis Cable through its Pittway Corp. acquisition in February 2000. Although Honeywell did not manufacture low-voltage wire and cable, its recent acquisition of FutureSmart Systems and growing interest in the home-networking market would make the proposed acquisition of Genesis Cable Systems a natural addition to the product portfolio, said a Honeywell spokesperson.
Genesis Cable makes low-voltage cable for voice, video, data, access control, alarm and security, home theater, sound and thermostat applications as well as structured wiring for the fast-growing home-networking industry. Genesis Cable employs 270 people at its office and factory in Pleasant Prairie, Wis.
Honeywell has a position in this market through FutureSmart Systems, Draper, Utah, a provider of digital communications and networking systems for homes, condominiums and apartments that it acquired in 2003.
Genesis Cable, an eight-year-old company, will become part of the Honeywell Security and Custom Electronics unit, a manufacturer of professional alarm systems and structured wiring products located in Syosset, N.Y.