Ontario, Canada-based structural light steel framing technologies provider Genesis Worldwide Inc. (Genesis) has announced that it has signed a letter of intent (LOI) with California, US-based light steel building structures manufacturer Codding Steel Frame Solutions (Codding SFS) to establish a joint venture. The agreement will entitle a new entity, (Genesis SFS), to exclusive rights to Genesis technology in the United States, Central and South America, and the Caribbean.
A Genesis statement said that Genesis SFS will seek to grow its US market share through maximizing the output of its Northern California operation, as well as through satellite operations in strategic locations. In addition, Genesis SFS will work to establish other joint ventures throughout its new territory. Under the terms of the LOI, Genesis will own 40 percent of the new joint venture and Codding Enterprises L.P., and other existing Codding SFS shareholders, will own 60 percent. In addition, Genesis will have an option to purchase an additional 10 percent interest in the joint venture.