Watsco Acquires Additional Ownership in Joint Venture with Carrier
The joint venture has sales of approximately $500 million in two countries
MIAMI — Watsco Inc. announced that it has acquired an additional 10 percent ownership interest in Carrier Enterprise Northeast LLC, a joint venture with Carrier Corp. The transaction raises Watsco’s ownership stake to 70 percent. Consideration was approximately $43 million and was paid in cash.
The joint venture has sales of approximately $500 million in two countries, including 43 locations in the northeastern United States and 12 locations in Mexico, offering a variety of products manufactured by Carrier along with approximately 25,000 other SKUs.
Albert Nahmad, Watsco's chairman and CEO, said, “The formation of our Carrier Enterprise joint ventures has proven to be transformational for our company. The collaboration between Watsco and Carrier has produced terrific results, and we are happy to invest further in what has been an unqualified success for both companies.”
Watsco’s traditional sales channel is through one of its 568 locations in the United States, Canada, Mexico, and Puerto Rico, and on an export basis to Latin America and the Caribbean. This network has been built over the last 25 years and serves 88,000 active customers. Watsco is developing and investing in technologies to enable sales via e-commerce, online marketplaces, and the retail sales channel.
For more information, visit www.watsco.com.
Publication date: 12/19/2016