Carrier and Watsco to Expand Distribution Joint Venture into Mexico
FARMINGTON, Conn., July 26, 2011 /PRNewswire/ -- Carrier Corp. announced that a definitive agreement has been executed to add Carrier's heating, ventilation and air conditioning (HVAC) distribution operations in Mexico to its existing joint venture with Watsco, Inc. (NYSE:WSO). Watsco owns 60 percent of the joint venture and Carrier 40 percent. Watsco is the largest distributor of air-conditioning, heating and refrigeration products in the U.S. Carrier, a unit of United Technologies Corp. (NYSE:UTX), is the world's leader in high technology heating, air-conditioning and refrigeration solutions, improving the world around us through engineered innovation and environmental stewardship.
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Carrier and Watsco have existing joint venture entities operating generally as Carrier Enterprise, in the U.S. and selected territories in the Caribbean and Latin America. The HVAC distribution operations in Mexico will add revenues of approximately 80 million dollars, with 90 employees and 6 locations.
"Performance by Carrier Enterprise has exceeded our expectations with sales growth outpacing the industry," said Geraud Darnis, president of Carrier Corp. "The expansion into Mexico will build on this success to further grow share and profitability while delivering exceptional customer service."
Albert Nahmad, Watsco's chairman and chief executive officer, stated, "We are most pleased to expand our joint venture with Carrier to this most important market in North America. With a population of over 112 million and the 11th largest economy in the world, the addition of Mexico represents a substantial and important growth opportunity for us. The strong brand equity of Carrier in Mexico and the seasoned leadership team already in place, coupled with our commitment to increase the market footprint and add additional non-equipment products will expand the market share and lead to substantial growth."
The transaction is expected to close on July 29, 2011.
About Carrier Corp.
Carrier Corp. is the world's leader in high technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy efficient products, building controls, and energy services for residential, commercial, retail, transport and food service customers. Founded by the inventor of modern air conditioning, Carrier improves the world around us through engineered innovation and environmental stewardship. Carrier is a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. Visit www.carrier.com for more information.
About Watsco, Inc.
Watsco is the largest distributor of air conditioning, heating and refrigeration equipment and related parts and supplies in the HVAC/R industry, currently operating 525 locations serving over 50,000 customers in 37 states and Puerto Rico. Watsco's strategy provides the products, support and convenience that contractors require to satisfy the needs of homeowners and businesses that depend on the comfort and energy-efficiency provided by HVAC systems. The company's goal is to build a national network of locations that provide the finest service and product availability for HVAC/R contractors, assisting and supporting them as they serve the country's homeowners and businesses. Additional information about Watsco may be found on its website at http://www.watsco.com
SOURCE Carrier Corp.
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