Devcon completes sale

Devcon completes sale
Published: 01 November 2005

Devcon International Corp has announced that  it and its wholly owned subsidiary, VI Cement & Building Products, Inc., completed the sale of its US Virgin Islands material operations to Heavy Materials, LLC, a US Virgin Islands limited liability company and private investor group pursuant to an Asset Purchase Agreement dated as of Aug. 15, for US$10.7m in cash plus the issuance of a promissory note to the Company in the aggregate principal amount of US$2.6m with respect to accounts receivable and certain assets associated with these operations. The assets sold constitute the Devcon’s US Virgin Islands ready-mix concrete, aggregates, and concrete block and cement materials and supplies business.