Devcon completes sale of U.S. Virgin Island Materials operations for US$13.3m

Devcon completes sale of U.S. Virgin Island Materials operations for US$13.3m
Published: 04 October 2005

Devcon International Corp. (DEVC) announces that on September 30, 2005, it and its wholly owned subsidiary, V.I. Cement & Building Products, Inc, completed the sale of its U.S. Virgin Islands material operations to Heavy Materials, LLC, a U.S. Virgin Islands limited liability company and private investor group, pursuant to an Asset Purchase Agreement dated as of August 15, 2005, for $10.7 million in cash plus the issuance of a promissory note to the Company in the aggregate principal amount of $2.6m with respect to accounts receivable and certain assets associated with these operations.