Watsco to Acquire Temperature Equipment Corporation, $291 Million Chicago-Based HVAC Distributor
TEC will operate as an independent business as an addition to the highly-successful group of joint ventures between
Watsco’s Buy and Build Growth Strategy
- Identify and partner with great businesses focused on the HVAC/R industry
- Support their leadership team and honor the culture and legacy they have created
- Ask for aggressive growth plans and help leadership achieve their ambitions
- Motivate teams and reaffirm an ownership culture with long-term equity
- Deploy the industry’s most comprehensive suite of customer-focused technologies
- Solicit and collaborate on big ideas to foster a spirit of innovation and growth
- Build a stronger
Watscobecause of our association with these companies
We are actively seeking additional opportunities to invest and grow through acquisitions given our relative low market share of the estimated
Watsco is the largest distribution network for heating, air conditioning and refrigeration (HVAC/R) products. Locations in the United States, Canada, Mexico and Puerto Rico, and on an export basis to Latin America and the Caribbean. Watsco estimates that over 90,000 contractor customers and their estimated 300,000 technicians visit or call one of its 600 locations each year to get information, obtain technical support and buy products. HVAC/R products provide comfort to homes and businesses regardless of the outdoor climate. 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 its 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. Additional information about Watsco may be found at http://www.watsco.com.
This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watsco’s industry, seasonality of its product sales, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents that Watsco files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-
Executive Vice President
Source: Watsco, Inc.