Carrier and Watsco Complete Formation of Distribution Joint Venture
Carrier Corp. and Watsco, Inc. (NYSE:WSO) have completed the transaction to form Carrier Enterprise LLC, a joint venture to distribute Carrier, Bryant, Payne and Totaline residential and light commercial heating, ventilating and air-conditioning (HVAC) products in the U.S. sunbelt region and selected territories in the Caribbean and Latin America. Watsco owns 60 percent of the venture and Carrier 40 percent. Carrier is a unit of United Technologies Corp. (NYSE:UTX).
“Carrier has the best residential distribution network in the industry. Watsco is a focused HVACR distributor with a track record of high customer satisfaction and employee empowerment,” said Geraud Darnis, president of Carrier Corp. “This partnership with Watsco presents a unique opportunity for our territories in the sunbelt region to build on the strengths of both organizations to further grow share and profitability. The combined entity is expected to offer a wider portfolio of parts and supplies and unparalleled customer service.”
Carrier Enterprise, with pro-forma sales of $1.4 billion, 1400 employees and 110 facilities in 2008, will be a stand-alone entity, managed separately from other Watsco companies.
“Carrier Enterprise has a seasoned leadership team and an excellent reputation in the marketplace,” said Albert Nahmad, Watsco’s president and CEO. “With our commitment to growth, we are excited about the opportunities presented by this joint venture.”
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