MIAMI--(BUSINESS WIRE)--Nov. 30, 2016--
Watsco, Inc. (NYSE: WSO) announced today that it has acquired an
additional 10% ownership interest in Carrier Enterprise Northeast LLC, a
joint venture with Carrier Corporation, a world leader in
high-technology air conditioning, heating and refrigeration solutions
and part of UTC Climate, Controls & Security, a unit of United
Technologies Corp. The transaction raises Watsco’s ownership stake to
70%. Consideration was approximately $43 million and was paid in cash.
The joint venture has sales of approximately $500 million in two
countries, including 43 locations in the northeastern United States and
12 locations in Mexico, offering a variety of products manufactured by
Carrier along with approximately 25,000 other SKUs.
Albert Nahmad, Watsco's Chairman & Chief Executive Officer said: “The
formation of our Carrier Enterprise joint ventures has proven to be
transformational for our company. The collaboration between Watsco and
Carrier has produced terrific results and we are happy to invest further
in what has been an unqualified success for both companies.”
About Watsco
Watsco improves indoor living and working environments with air
conditioning and heating solutions that provide comfort regardless of
the outdoor climate. There are approximately 89 million central air
conditioning and heating systems installed in the United States that
have been in service for more than 10 years. Older systems often operate
below today’s government mandated energy efficiency and environmental
standards. Watsco has an opportunity to accelerate the replacement of
these systems at a scale greater than our competitors as the movement
toward reducing energy consumption and its environmental impact
continues. This is especially important since heating and cooling
accounts for approximately half of the energy consumed in a typical U.S.
home.
Watsco’s traditional sales channel is through one of its 568 locations
in the United States, Canada, Mexico and Puerto Rico, and on an export
basis to Latin America and the Caribbean. This network has been built
over the last 25 years and serves 88,000 active customers. Watsco is
developing and investing in technologies to enable sales via e-commerce,
on-line marketplaces and through the retail sales channel. As the
industry leader, we believe that significant growth potential remains
given that the marketplace for HVAC/R products at the consumer level is
estimated to be $80 billion annually. Additional information about
Watsco may be found at http://www.watsco.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161130005311/en/
Source: Watsco, Inc.
Watsco, Inc.
Barry S. Logan, 305-714-4102
Senior Vice President
blogan@watsco.com