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