Codding Enterprises, the Rohnert Park developer building Sonoma Mountain Village, has acquired a 20 percent stake in a Canadian company that specializes in ?green? construction technology using steel framing.
Codding has invested $1.2 million in Genesis Worldwide Inc. For the past two years, Codding has licensed the Mississauga, Ontario-based company?s technology for custom design and construction of light-steel framed commercial buildings.
Brad Baker, president and chief executive of Codding Investments, has been appointed chairman of the board at Genesis. Richard Pope, CEO of Codding Steel Frame Solutions, was appointed to Genesis? board of directors.
Genesis? technology allows Codding to efficiently construct light-steel building panels at its 50,000-square-foot facility in Rohnert Park. The panels are then transported to job sites and assembled ?like an erector set,? Baker said.
While other industries have increased productivity significantly over the past several decades, the construction industry has lagged, Baker said.
?We think there is an opportunity to apply technology and innovation to a very, very large industry that has up to this point not been automated,? Baker said.
Steel framing construction has been around for years, and has a number of advantages over ?stick-built? wooden framing construction methods, Baker said. These include straighter, stronger walls built with less waste, Baker said.
Genesis? technology uses computers and scanners to automate the assembly process, reducing costs and increasing the speed of production, Baker said.
The company has constructed several major commercial projects in the North Bay using the technology, including the new Nissan dealership in Santa Rosa and Whole Foods at Coddingtown Mall, Baker said.
Codding began investing in Genesis stock last year, and earlier this month owned more than 3 percent of its shares, according to a Genesis stock filing.
Baker said Codding made the investment because he believed the company is undervalued. He declined to discuss the Codding?s latest investment in the firm, citing rules against discussing the finances prior to earnings, which are due on Wednesday.
The company?s shares closed Friday at 20 cents per share Canadian.