JG Companies | July 29, 2022
JG Companies, a premium provider of construction and facilities services in Southern and Central California, has announced that it has been purchased by the ownership team of Bullseye Builders, Inc., a full-service commercial general contracting firm specializing in cutting-edge technology to generate scheduled, collaborative and quality-controlled projects.
"This acquisition signals a bright future for JG Companies as we modernize our operations and expand on our ongoing customer service excellence, We are driven by our core values and the simple love of building great projects that positively enhance local communities. We are looking forward to continuing our commitment to providing world-class construction project services to the community while we expand on our expertise to assist in building maintenance, We want everyone to know that JG Companies can not only build comprehensive, multi-site facilities, but we can also maintain them, We have the plans and the blueprints and we know our structures from the inside out. This gives us an advantage in providing ongoing upkeep and operational continuity for future tenants."
-Adam Shihadeh, owner of Bullseye Builders, Inc. and JG Companies.
JG Services Company was established in 1979 and offers commercial general contracting services throughout California and several border states along the west coast. With the acquisition, the company will become JG Companies and will feature two divisions: JG Construction and JG Facilities.
The construction division specializes in a wide variety of markets, including new construction, tenant improvements, refresh and rebranding projects, and building retrofits. Market sectors include retail, restaurants, convenience stories, manufacturing and distribution centers.
The facilities division provides comprehensive multi-site facility, electrical and construction services, and employees skilled technicians and tradesman to manage in-house maintenance assignments. JG Facilities' offerings range from specialized projects such as graffiti removal to long-term services such as on-site handyman and emergency responses.
"We are thrilled that the new ownership has committed to safeguarding the legacy of the JG brand while building on the innovative use of construction technology, modernized operations and superior customer service, We have always had an experienced team that does quality work. Our new focus will allow us to build on that excellence while incorporating new technology to improve communications, customer service and simplify our clients' facility needs."
-Wally Clark, executive vice president of JG Companies.
About JG Companies-
Since 1979, JG Companies has been a premium provider of construction and facilities services in southern and central California. The business consists of two divisions: JG Construction and JG Facilities. The construction division builds everything from new, ground-up construction to tenant improvements to multi-site rollouts. JG Companies' facilities division offers in house electrical services, LED building retrofits, in-house carpentry and provides skilled tradesmen for facility maintenance. JG is not just a construction company, we are a group of great people with a client centric focus, putting each of our clients on the forefront of every project.
ROBOTICS AND AUTOMATION
Renesas Electronics Corporation | June 09, 2022
Renesas Electronics Corporation, a leading provider of advanced semiconductor solutions, unveiled the RZ/T2M motor control microprocessor units (MPUs) with the highest performance for applications such as AC servo drives and industrial robots. On a single chip, the RZ/T2M combines rapid and highly precise realtime motor control with the newest industrial Ethernet, as well as functional safety operation. Customers can reduce the number of external components in their BOMs and product sizes by using the RZ/T2M, which provides all important peripheral functions for motor control.
The RZ/T2M is made up of two Arm® Cortex®-R52 cores that operate at a maximum frequency of 800 MHz. The peripheral functions required for motor control are connected to a dedicated bus that is directly connected to the CPU, allowing the CPU to access these operations with minimal delay. Furthermore, the huge memory capacity (576 KB) is firmly associated with the CPU, eliminating the variance in execution time that can occur when cache memory is used and ensuring deterministic, rapid processing. These features enable the RZ/T2M to provide fast and precise control for high-performance applications such AC servos, inverters, and industrial robots.
Renesas has added support for the PROFINET IRT protocol to the RZ/T2M, in addition to important industrial networking protocols such as EtherCAT, PROFINET RT, and EtherNet/IP. The new MPU also has an Ethernet switch that supports the next-generation Time-Sensitive Networking (TSN) standard, which allows numerous devices to run in perfect synchrony.
In most cases, adding two external MCUs for safety monitoring increases BOM costs when developing industrial equipment that meets functional safety criteria. Because the RZ/T2M has a hardware configuration that is optimized for functional safety, just one external MCU is required to implement functional safety. In addition to motor control and network connection, the RZ/T2M may execute functional safety operations.
Renesas also plans to release functional safety solutions later this year, including a SIL3-certified software kit combination that includes a self-test software kit that allows the RZ/T2M to self-diagnose failures and a SIL3 system software kit for mutual diagnosis and software isolation functionality. The new RZ/T2M processors will be supported by IAR Embedded Workbench for Arm Functional Safety Edition, an integrated development environment approved for functional safety-related development and a necessary tool for implementing the above software.
Functional safety continues to be an important requirement for many of our customers. Companies choosing the new Renesas’ RZ/T2M in their next design can be sure that IAR Systems will support them with certified development tools and professional technical support globally, substantially reducing both design time and project cost.”
Anders Holmberg, CTO at IAR Systems
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.