Resideo Technologies, Inc. [NYSE: REZI] has revealed Thursday that it has bought Norfolk Wire & Electronics. The firm has not disclosed the terms and conditions of the agreement. This acquisition has demonstrated the commitment of the firm to provide an opportunity to its client to quickly access all the products and equipment they want to achieve success in today’s market.
Furthermore, the President of ADI Global Distribution disclosed that the growing demand for high-speed connectivity, an increase in IoT industrial devices, and the launch of new technologies are powering demand for Data Communications products. Shares of Resideo plunged 2.25% as the share dropped -0.65 during the trading session of Wednesday.
The rationale behind this acquisition is that the purchase of Norfolk Wire will reinforce the presence of ADI in the data communication market. It includes a wide range of copper, racking products, connectors, fiber cabling, and more. Furthermore, this purchase decision will also boost the presence of ADI in the mid-Atlantic region. It will also bolster its local high-volume product accessibility as well as custom cutting services, pre-and-post technical assistance, and project aid.
After the buying of Norfolk, it will be part of the ADI Global Distribution business of Resideo. ADI is a prominent wholesale disseminator of security, AV, and low-voltage products. Resideo is serving more than 110,000 specialists through prominent suppliers, plus Its ADI Global Distribution business, which transfers to more than 100 states from nearly 200 supplying locations across the globe.
About Norfolk Wire & Electronics
Norfolk Wire & Electronics is a prominent local supplier of security, telecom, network, and audio-video (AV) related products, supplies, and tools. It was established in 1985 since then the firm is serving its customers exceptionally. Furthermore, it also has 11 full-service retail locations and also has a 43,000 sq. ft. distribution center.