Genesis Worldwide, a supplier of light steel sustainable structural construction technology and products, declared that it has contracted a $2.8 million equipment accord after negotiations with Megastar Engineering and Construction, its Vietnamese licensee, located in Vietnam’s Hung Yen Province.
According to Genesis’ Chairman and CEO, Richard Pope, the signed accord will strategically place the company in South East Asia and will offer a foundation for the company to receive royalty income as per the license and service accord, earlier contracted by the company with Megastar E&C. All the conditions of the equipment agreement have been approved and manufacture of equipment will start in few weeks time on Genesis receiving the completely executed accord from Megastar E&C. The proposed plant will position Megastar E&C to construct cold form steel multi-storey and single-storey commercial and residential constructions in Vietnam with improved speed and efficiency and reduced level of construction waste. It will also enable the company to construct buildings that utilize less quantity of energy than normal constructions. The construction of the plant is nearly over and Megastar E&C will be able to achieve its full production capability by the third quarter of 2012.
According to the conditions of the equipment accord, Genesis will supply its technology, industrial hardware and equipment, support for the project management and execution services, which includes the training needed for the commissioning of the plant. Megastar E&C will deploy Genesis’ proprietary Coil-to-Panel (CTP) industrial engineering platform.
Source: http://www.genesisworldwide.com/