Resideo Announcement

Resideo Technologies has announced its intention to separate its ADI Global Distribution business (“ADI”) through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo’s Products & Solutions business (“P&S”) will continue to operate as Resideo, and ADI will become an independent public company.

Jay Geldmacher, Resideo’s President and CEO, said, “At Resideo, we have instilled strong operational discipline across the enterprise, resulting in independence for each of ADI and P&S. Through continued growth and investment, ADI and P&S are leading players in their distinct areas – ADI as a global wholesale distributor of low-voltage products including security and audio-visual solutions, and P&S as a building products manufacturer focused on residential controls and sensing solutions. We believe a separation is the next, most natural step, allowing ADI and P&S the opportunity to unlock their full potential and better serve all our stakeholders.”

Mr. Geldmacher continued, “ADI and P&S will continue to be led by world-class talent in Rob Aarnes and Tom Surran, both of whom will be able to execute their respective strategies with greater focus, agility and tailored resources. The entire Resideo team is the backbone of these businesses, and with their continued support and dedication, we are more confident than ever in the future success of each organization.”