Wholesale-distribution: Watsco, Monitel Products, American Refrigeration Supplies, and Westburne

July 28, 2000
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Watsco, Inc. (Miami, FL) announces record sales, earnings, and earnings per share for the second quarter and the first half. Second quarter sales increased 7% to $371 million. Net income increased 9% to $12.6 million, while earnings per share increased 15% to 45 cents from 39 cents a year ago. Sales for the first six months increased 8% to $657 million, with a 12% increase in net income to $15.7 million and a 17% increase in earnings per share to 55 cents from 47 cents last year.

Monitel Products Corp. (Cedar Knolls, NJ) signs an agreement with Phoenix DataComm, Inc. (Norristown, PA) to distribute its products and services, which include hvacr monitoring and control systems.

Beginning August 1, Arizona Refrigeration Supplies, Inc. (Phoenix, AZ) will begin operating under the new name American Refrigeration Supplies, Inc. The company will be changing the name of all of its divisions, with the exception of Virginia Refrigeration Supplies.

Westburne Inc. (Montreal, PQ, Canada) reports that sales for the second quarter reached a record $746.5 million. Sales increased by $150.4 million, or 25.2 %, as compared to the same period last year, due to a combination of contributions from acquisitions and growth of 7.8 %.

Westburne also announces that it has agreed to be acquired by Rexel S.A. (Paris, France). Rexel will purchase all of the outstanding shares of Westburne for a price of $22.75 (Canadian) per share for a total cash consideration of $987 million dollars.

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