Newsline

Carrier and Watsco to Form Joint Venture

FARMINGTON, Conn. - Carrier Corp., a unit of United Technologies Corp., signed an agreement with Watsco Inc. to form a joint venture, named Carrier Enterprises, to distribute Carrier, Bryant, Payne, and Totaline residential and light commercial products in the United States’ Sun Belt region and selected territories in the Caribbean and Latin America. Under the agreement, Carrier will separate its company-operated distribution in these regions and contribute them to the joint venture.

Similarly, Watsco will contribute its Carrier distribution entity in the Midwest to the venture. Watsco will own 60 percent of the venture and Carrier 40 percent. Commercial applied field operations and company-operated residential and light commercial territories in the Northeast and California are not part of this venture.

“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 Sun Belt 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 Enterprises, with pro-forma sales of $1.4 billion in 2008, will have approximately 1,400 employees and 110 facilities. It will be a stand-alone entity, managed separately from other Watsco companies. Watsco will nominate three of the five members of Carrier Enterprises’ board of directors and Carrier will nominate the remaining two members.

“Carrier’s sales and distribution organization has an excellent reputation and track record in the marketplace,” said Albert Nahmad, Watsco’s president and CEO. “We are excited about forming this joint venture and are very pleased to partner with Carrier to further grow this business.”

The transaction is expected to close within 60 days subject to regulatory approvals and agreement on certain transition items.

For more information, visit www.carrier.com or www.watsco.com.

Publication date: 05/18/2009

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2015 ACCA Conference

Images from the 2015 ACCA Conference in Grapevine, Texas. Posted on April 8, 2015.

Podcasts

NEWSMakers: Mark Crockett
Mark Crockett vice president, Crockett Facilities Services, explains the importance of technician training, the value of being a top minority-owned company in the U.S., current projects the company is managing, and much more. Posted on April 24.
More Podcasts

ACHRNEWS

NEWS 04-27-15 cover

2015 April 27

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Legislation and Regulation

What legislative/regulatory issue is most important to you as a HVAC business owner?
View Results Poll Archive

HVACR INDUSTRY STORE

2015.jpg
2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con