Devcon Forms Joint Venture With Matrix Desalination
Devcon International Corp. and Matrix Desalination, Inc. formed a joint venture, Devcon/Matrix Utility Resources LLC to build, own and/or operate reverse osmosis fresh water, waste water treatment and power systems.
The joint venture will be 80 percent owned by Devcon. As projects are approved by the company, Devcon will fund the venture with up to $2.4 million in cash and loans plus a guarantee of up to an additional $2.4 million in project financing. The venture is based at Devcon's headquarters in Deerfield Beach, Florida.
Donald L. Smith, Jr., Devcon chairman and president, said, "Initially, the joint venture will evaluate opportunities for these build-own-operate facilities within Devcon's primary market areas."
Whitney Irons, president of privately owned Matrix Desalination, said, "The most promising areas for expansion of our build-own-operate facilities are currently the island markets where Devcon has a strong presence. The joint venture is a logical way for us to marry the technical and operational expertise of Matrix, as well as our large Caribbean customer base, with Devcon's financial and site preparation resources."