OnePaper ·  Putting the community back into community news Login   
 
Click here for Diseno
Click for your current forecast
   Thursday, Dec. 5, 2019 U.S.V.I. Business & Career Guide    

V. I. Business
Contact V. I. Business | Search OnePaper

 Print Preview this articleFor Internal Use Only
---
Authorized Users Login Here  Major Industries

  News
    Look Inside
    In The News
    Commentary
    Breaking News
    National
    World
    Business
    Finance
    Technology
    Entertainment
    Sports

  Doing Business
    Resources
    Banking-Finance
    Bookstore
    Calendar
    Business Directory
    Who's Who
    Business Trends
    Classifieds
    Communications
    Consultants
    Demographics
    Economic Dev.
    Governing Boards
    Tourism
    Infrastructure
    Licenses-Permits
    Government
    Local Products
    Major Industries
    Casino Industry
    Organizations
    Shipping-Trans.
    Tax Information

  Career Center
    Hot VI Jobs
    Finding A Job
    Talent Bank
    Hiring Legally
    Registering Jobs
    Licensing
    Professionals
  

 About...
  OnePaper
  V. I. Business
  Copyright
 
Devcon Extends Option To Sell Caribbean Cement Terminals
by VIBusiness Staff

      Devcon International Corp. announced that it has received a refundable $6 million payment in exchange for a three-week extension on the option to purchase its bulk cement terminals in the eastern Caribbean. On October 6, the company said it had been paid $1 million for a 30-day option to purchase the cement terminals for an additional $21 million. The option holder is Madrid-based Umar -- Union Maritima Internacional S.A., one of the world's leading cement trading companies. Donald L. Smith, Jr., Devcon chairman and president, said, "The additional time was needed to complete the due diligence since some of the terminals are located in foreign jurisdictions. The option holder has evidenced its good faith in depositing an additional portion of the purchase price in cash." He said the transaction is now scheduled to close in November. Devcon produces and distributes ready-mix concrete, crushed stone, concrete block and asphalt and distributes bulk and bagged cement in the eastern Caribbean. Principal operations are on St. Croix and St. Thomas in the U.S. Virgin Islands, on St. Maarten and Saba in the Netherlands Antilles, on St. Martin in the French West Indies, on Tortola in the British Virgin Islands, on Puerto Rico, on Antigua in the independent nation of Antigua and Barbuda, and on the independent island of Dominica. The company also dredges harbors, builds marine facilities, constructs golf courses and prepares sites for residential, commercial and industrial projects.
     
     This news release contains forward-looking statements related to future growth and opportunities. Actual results may differ as a result of factors over which the company has no control including the strength of the economy, slower than anticipated sales growth, price and product competition, increases in raw materials costs, and risks and uncertainties related to large foreign construction projects. Additional information which could affect the company's financial results is included in regular reports to the Securities and Exchange Commission.
     
     CONTACT: Jan Norelid, Vice President and CFO, or Richard Hornsby,
     Executive Vice President, both of Devcon International Corp., 954-429-1500; or
     Investor Relations Consultants, Inc. 727-781-5577, or e-mail,
     irpro@mindspring.com , for Devcon International Corp./
     
     (DEVC)
     
     Headlines Next Story
     
     
     
     --------------------------------------------------------------------------------
     DEVC %CST %TNM V%PRN P%PRN
     
     

ALCATEL WINS US$200 MILLION UNDERSEA NETWORK IN THE ATLANTIC
   Mid-Atlantic Crossing is the most recent addition to Global Crossing's plans for an expanding worldwide network which will enable direct undersea fibre optic connectivity between Europe and Japan.
Click here for More...
Devcon Extends Option To Sell Caribbean Cement Terminals
   Principal operations are on St. Croix and St. Thomas in the U.S. Virgin Islands, on St. Maarten and Saba in the Netherlands Antilles, on St. Martin in the French West Indies, on Tortola in the British Virgin Islands, on Puerto Rico, on Antigua in the independent nation of Antigua and Barbuda, and on the independent island of Dominica. The company also dredges harbors, builds marine facilities, constructs golf courses and prepares sites for residential, commercial and industrial projects.
  
Click here for More...