MIAMI--(BUSINESS WIRE)--Feb. 14, 2017--
Watsco, Inc. (NYSE: WSO) announced today that it has increased its
ownership interest of Carrier Enterprise Northeast LLC, a joint venture
with Carrier, to 80% for approximately $43 million in cash. The
incremental investment builds on the November 2016 transaction that had
increased Watsco’s controlling interest from 60% to 70%. Carrier
Enterprise Northeast had sales in 2016 of approximately $500 million
from 41 locations in the northeastern United States and 12 locations in
Mexico.
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 565 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 $88 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/20170214005492/en/
Source: Watsco, Inc.
Watsco, Inc.
Barry S. Logan, 305-714-4102
Senior Vice President
blogan@watsco.com
