Cement Contractor Invests $18m

Cement Contractor Invests $18m
Published: 04 August 2004

Shareholders of Devcon International Corp, a publicly held $55 million contractor known for its Caribbean construction and concrete businesses, have approved the creation of a security division headed by former ADT president and CFO Steve Ruzika. The July 29, 2004 vote approves the purchase of two million newly issued Devcon shares, which raises $18 million for the creation of an investment group called the Coconut Palm Capital Investors I Ltd. The company’s goals are to purchase firms that will produce up to $30 million in annual revenues, according to an article in the South Florida Sun-Sentinel. The new division focuses on alarm installation and monitoring, mainly on the East Coast. In the past two years, Devcon has reportedly lost a combined $12.1 million.