Watsco, UTC Form Canadian 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