ROHNERT PARK -- Codding Enterprises today said it has signed a letter of intent to extend its reach into production of light-gauge steel framing panels for construction projects in a new joint venture with the Canadian company that developed the technology.
Codding Steel Frame Solutions would be swapping its license for design software and production equipment at its Rohnert Park factory for a joint venture with Genesis Worldwide Inc. to be called Genesis SFS.
If the deal goes through, Codding would own 60 percent of the venture, and Genesis Worldwide 40 percent with an option to expand to a half-stake.
Genesis SFS would have exclusive rights to the technology in the U.S. plus Central and South America and could create other joint ventures.
Codding Steel Frame Solutions President J.R. Gunter would become president and chief executive officer of Genesis SFS. Richard Pope, CEO of Genesis Worldwide, would be chairman of Genesis SFS.
Codding established the factory in July 2007 in its Sonoma Mountain Village redevelopment project with a $5 million investment.