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March 19, 2012: UTC Climate, Controls & Security and Watsco Form Distribution Joint Venture for Canada

March 19, 2012
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FARMINGTON, Conn. — UTC Climate, Controls & Security, a unit of United Technologies Corp., has signed an agreement with Watsco Inc. to form a joint venture named Carrier Enterprise Canada to distribute Carrier, Bryant, and Payne HVAC products and WWG/Totaline parts and supplies in Canada. Under the agreement, UTC Climate, Controls & Security will contribute its company-operated HVAC distribution business in the region to the new joint venture. Watsco will own 60 percent of the joint venture and UTC Climate, Controls & Security 40 percent. Watsco is one of the largest independent distributors of air conditioning, heating, and refrigeration products in the United States.

The HVAC distribution operations that UTC Climate, Controls & Security is contributing to the new venture operate in all Canadian provinces with approximately 330 employees in 35 locations and had 2011 sales of approximately $330 million.

UTC Climate, Controls & Security has existing distribution joint venture entities with Watsco operating under the Carrier Enterprise name in the U.S., Mexico, and selected territories in the Caribbean and Latin America.

“Carrier Enterprise’s performance has exceeded our expectations with sales growth outpacing the industry,” said Geraud Darnis, president and CEO, UTC Climate, Controls & Security. “This new joint venture in Canada will build on the success of the Carrier Enterprise business model to further grow share and profitability.”

“This is a very successful business with a strong historical presence and a great leadership team. They will have access to all of Watsco’s resources to add products, locations, and capital to aggressively grow market share and expand the business. We also believe they will respond well to our entrepreneurial style and spirit,” said Albert Nahmad, Watsco’s chairman and chief executive officer.

The transaction is expected to close by the end of April 2012 subject to customary closing conditions.

For more information about UTC Climate, Controls & Security, visit www.utcclimatecontrolssecurity.com. For more information about Watsco, visit www.watsco.com.

Publication date: 03/19/2012

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