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V.I. Cement Business Sold to Local Company

Aug. 16, 2005 – Devcon International's V.I. Cement and Building Products will be sold Sept. 30 to Heavy Materials LLC, a St. Thomas-based company owned by Douglas Gurlea, Shane Brunt and Tommy Brunt IV, Gurlea said Tuesday.
"The opportunity arose because they were considering selling the asset," Gurlea said. The sale was announced Tuesday.
According to Devcon International's web site, Heavy Materials will pay $10.7 million cash for the company. Additionally, it will pay a note covering the value of accounts receivable and another asset, valued at $1.9 million, according to the web site.
V.I. Cement and Building Products has a rock quarry and a ready-mix concrete plant on St. Croix and a rock quarry and block manufacturing plant on St. Thomas.
About 65 people work at the company's locations on both islands, Gurlea said.
Devcon International had operated the company for 38 years.
Gurlea said he worked there for 19 years, most recently as a regional vice president. While the Brunt brothers have experience in the building industry through MSI Building Supplies, owned by their parents, Tom and Kristine Brunt, Gurlea said the senior Brunts are not involved with Heavy Materials.
Devcon International president Stephen J. Ruzika said from his office in Florida that the publicly traded company sold V.I. Cement and Building Products as part of its plan to enhance revenues. "We need to ensure we are constantly maximizing value for the shareholders," Ruzika said.
He said in a press release on Devcon's web site that the cash proceeds from the sale of the Virgin Islands operation will be used to expand the company's Security Division.
Ruzika said he was pleased V.I. Cement and Building Products was going into local hands.
Gurlea said that Devcon International has always been a strong corporate citizen, a tradition that Heavy Materials intends to continue.
"We're carrying the torch," he said.

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