Devcon to fund security business from concrete company sale

SSN Staff  - 
Thursday, October 13, 2005

DEERFIELD BEACH, Fla.--Devcon International, the construction firm and distributor of ready-made concrete that entered the security market last year, sold one of its cement and building products divisions to fund the growth of its security company.
The $13.3 million deal involved the sale of V.I. Cement & Building Products to Heavy Materials Inc.
According to Stephen Ruzika, president and chief executive officer of Devcon, the proceeds from the sale will provide additional resources to expand the company's security division, which serves approximately 60,000 customers in Florida.
Devcon gained its footprint in the security market in the fall of 2004 when it bought Security Equipment Co. for $4.5 million. Earlier this year it made its largest acquisition in the security market with its purchase of Adelphia Security from Adelphia Communications for $40.2 million.