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Watsco, UTC Form Canadian Joint Venture

March 26, 2012
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FARMINGTON, Conn. — UTC Climate, Controls & Security recently signed an agreement with Watsco Inc. (Coconut Grove, Fla.) to form a joint venture named Carrier Enterprise Canada to distribute Carrier, Bryant, and Payne HVAC products 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 Inc. will own 60 percent of the business through the joint venture.

“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.”

The transaction is expected to close by the end of April.

“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,” said Albert Nahmad, Watsco chairman and CEO. “We also believe they will respond well to our entrepreneurial style and spirit.”

Publication date: 03/26/2012

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