Cornerstone Building Brands | July 28, 2022
Cornerstone Building Brands, Inc. (“Cornerstone Building Brands” or the “Company”), the largest manufacturer of exterior building products in North America, today announced that Clayton, Dubilier & Rice (“CD&R”) has successfully completed the acquisition of Cornerstone Building Brands.
Holders of a majority of the shares of Cornerstone Building Brands common stock not owned by CD&R and its affiliates voted to approve the acquisition at the Special Meeting of Stockholders held on June 24, 2022. The acquisition also received the approval of the holders of a majority of the shares of Cornerstone Building Brands common stock outstanding at the Special Meeting. With the completion of the acquisition, Cornerstone Building Brands’ common stock has ceased trading and will no longer be listed on the New York Stock Exchange.
“The closing of this transaction is an important milestone for Cornerstone Building Brands, and we are pleased to be entering our next phase of growth as a private company, With CD&R’s operational and strategic support, Cornerstone Building Brands will be even better positioned to accelerate our future growth plans and advance our journey to be the premier exterior building solutions company and deliver enhanced value to our customers. I want to thank all Cornerstone Building Brands employees for their continued dedication and hard work. This transaction is a testament to our team’s unwavering commitment to our customers and focus on executing our strategy. I am excited about the opportunities ahead for Cornerstone Building Brands, and I look forward to continuing our work together as we drive value for all stakeholders.”
-Jeffrey S. Lee, Executive Vice President and Chief Financial Officer of Cornerstone Building Brands.
J.L. Zrebiec, Partner at CD&R, said, We have long admired Cornerstone Building Brands’ business and talented team, and we are thrilled to work even more closely with its leadership team and employees in this next chapter. We firmly believe that the Company is uniquely positioned to expand on its position as the largest manufacturer of exterior building products in North America, and we look forward to working together to build on the significant momentum underway.
Centerview Partners LLC is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to a special committee of Cornerstone Building Brands’ independent directors. Sullivan & Cromwell LLP is serving as legal counsel to Cornerstone Building Brands.
UBS, Barclays, BNP Paribas Securities Corp., Goldman Sachs, Jefferies, Natixis, New York Branch, RBC Capital Markets, and Societe Generale are providing financial advisory services to CD&R. Kirkland & Ellis LLP is serving as legal counsel to CD&R on the transaction and Debevoise & Plimpton LLP is serving as legal counsel to CD&R on the financing. CD&R has obtained committed financing from Deutsche Bank Securities Inc., UBS Investment Bank, Barclays, BNP Paribas, RBC Capital Markets, Societe Generale, Goldman Sachs, Natixis, New York Branch, Jefferies, Apollo, Blackstone Credit, and U.S. Bank.
About Cornerstone Building Brands, Inc:
Cornerstone Building Brands is the largest manufacturer of exterior building products by sales for residential and low-rise non-residential buildings in North America. Headquartered in Cary, N.C., we serve residential and commercial customers across the new construction and repair and remodel markets. Our market-leading portfolio of products spans vinyl windows, vinyl siding, stone veneer, metal roofing, metal wall systems and metal accessories. Cornerstone Building Brands’ broad, multichannel distribution platform and expansive national footprint includes more than 20,000 employees at manufacturing, distribution and office locations throughout North America. Corporate stewardship and environmental, social and governance (ESG) responsibility are embedded in our culture. We are committed to contributing positively to the communities where we live, work and play.
About Clayton, Dubilier & Rice:
Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on building stronger, more profitable businesses. Since its inception, CD&R has managed the investment of more than $40 billion in over 100 companies with an aggregate transaction value of over $175 billion.
ROBOTICS AND AUTOMATION
AMP Robotics® Corp. | July 05, 2022
AMP Robotics Corp. (“AMP”), a pioneer in AI, robotics, and infrastructure for the waste and recycling industry, has expanded its partnership with Waste Connections, Inc. (TSX/NYSE: WCN), its largest customer. Since late 2020, Waste Connections has booked or deployed 50 of AMP’s high-speed robotics systems on plastic, fiber, and residue lines, becoming the largest operator of AI-guided robotics in the industry.
“It’s gratifying to reach this milestone with a leader in resource recovery like Waste Connections. We’ve worked tirelessly to deliver AI and robotics systems that modernize today’s recycling operations by increasing productivity, stabilizing costs, and improving the quality and value of recycled commodities, We remain committed to the continuous enhancement of our AI and automation solutions to stay ahead of industry challenges, exceed customer expectations, and support the industry’s sustainability and climate goals.”
-Matanya Horowitz, founder and CEO of AMP Robotics.
AMP’s technology identifies and recovers plastics, cardboard, paper, cans, cartons, and many other containers and packaging types reclaimed for raw material processing. For example, AMP recovers a portfolio of #1-#7 plastics in a variety of different form factors, colors, and opacities with high precision and purity. Polyethylene terephthalate (PET) and high-density polyethylene (HDPE) together account for a majority of recycled plastic demand, with growing interest in polypropylene (PP)—a highly recyclable polymer with high demand in food-safe applications and flexibility to accommodate packaging in a variety of shapes and sizes. The ability to precisely separate different plastics and other recyclables with AI-driven sorting is helping recyclers meet the soaring need for sufficient quantities of high-quality recycled content from brands and packaging producers.
“We’re excited to expand our relationship with AMP, We’re impressed by the reliability of the robotics systems and the quality of the end product. We look forward to our continued partnership with AMP as we advance our sustainability initiatives.”
-Dan Kurtz, director of recycling for Waste Connections.
About AMP Robotics® Corp-
AMP Robotics is modernizing the world’s recycling infrastructure by applying AI and automation to increase recycling rates and economically recover recyclables reclaimed as raw materials for the global supply chain. The AMP Cortex™ high-speed robotics system automates the identification and sorting of recyclables from mixed material streams. The AMP Neuron™ AI platform continuously trains itself by recognizing different colors, textures, shapes, sizes, patterns, and even brand labels to identify materials and their recyclability. Neuron then guides robots to pick and place the material to be recycled. Designed to run 24/7, all of this happens at superhuman speed with extremely high accuracy. AMP Clarity™ provides data and material characterization on what recyclables are captured and missed, helping recycling businesses and producers maximize recovery. With deployments across North America, Asia, and Europe, AMP’s technology recovers recyclables from municipal collection, precious commodities from electronic scrap, high-value materials from construction and demolition debris, and valuable feedstocks from organic material.
About Waste Connections-
Waste Connections is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, along with resource recovery primarily through recycling and renewable fuels generation. Waste Connections serves more than eight million residential, commercial, and industrial customers in mostly exclusive and secondary markets across 44 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery, and disposal services in several basins across the U.S., as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections views its Environmental, Social and Governance (“ESG”) efforts as integral to its business, with initiatives consistent with its objective of long-term value creation. The company’s long-term, aspirational ESG targets include the expansion of resource recovery through recyclable commodities.
Saulsbury Industries | August 05, 2022
Saulsbury Industries, a full-service engineering, procurement, and construction (EPC) company, recently opened an engineering and operations hub in Houston, Texas.
This location will support multiple Saulsbury business lines, including oil and gas, tanks/terminals, hydrocarbon processing, refining, renewables, and chemicals. Saulsbury, with over 55 years of experience, is a trusted provider of full EPC and construction-only solutions, as well as service offerings for stand-alone E&I and field services work.
"We are very excited to be opening our Houston office, This decision reflects our commitment to both the city and the broader Gulf Coast region. Our Houston office will enhance our ability to reach new clients as well as employees as Saulsbury continues to expand our engineering and operations across a broad spectrum of industries."
-Chat York, Saulsbury's President and Chief Executive Officer.
Saulsbury will also offer supporting services for front-end engineering, AFE estimating and scoping support, as well as general maintenance and facility upgrade services. The company will use this location to expand its repeat-business model with clients through hands-on leadership, successful project results, and an industry-leading safety program.
"This is the next step in our build-out plan for the Gulf Coast region, Our client base has significantly expanded in the area, and we are looking forward to continued growth as we expand the Saulsbury footprint. Houston has long been a tremendous recruiting ground, with a deep base of skilled engineers, technical experts, and experienced construction talent. Saulsbury is looking forward to establishing an even stronger presence in the Houston area, working with our clients to execute projects safely and at the highest level."
-Jimmy Matthews, Saulsbury's Chief Operating Officer.
About Saulsbury Industries:
Saulsbury Industries is a full-service engineering, procurement, fabrication, and construction company that specializes in building the infrastructure necessary to fuel the future. Saulsbury serves its clients in heavy industrial and renewables markets by designing and building safe, well executed, capital-efficient projects nationwide. Headquartered in Odessa, Texas, the company's national office footprint includes Houston, Port Arthur, Henderson, Abilene, Pecos, and Corpus Christi, TX; Carlsbad, NM; Tulsa, OK; and Bismarck, ND.