World News

Industry news and insights from Europe and around the World

UK News

Latest news and developments in the United Kingdom


Keep up-to-date with the latest new products and technology


General articles, applications and industry analysis

Carrier and Watsco combine to acquire US distributor TEC

Photo: ©Wesley Reder

USA: Carrier has announced another joint venture agreement with the USA’s largest HVACR wholesaler Watsco to acquire fellow US distributor Temperature Equipment Corporation (TEC).

Established in 1935, TEC is currently the largest Carrier distributor in the Midwest. It operates as exclusive distributor of Carrier, Bryant and Payne in Chicagoland, NW Indiana, SW Michigan, and Milwaukee areas.

Watsco will own 80% of the venture with Carrier owning the remaining 20%. The venture will operate as an independent business with a focused strategy to grow the companies’ collective market leadership in the TEC Midwest territories. 

“This acquisition aligns with Carrier Global’s established plan to execute strategic bolt-on M&A and we are excited to extend our long-term relationships with TEC and Watsco,” said Carrier HVAC president Chris Nelson.

“This new standalone joint venture will allow us to continue to benefit from the entrepreneurial culture and leading market position that the Mungo family has built at TEC over more than 80 years, while leveraging the operational, technology and industry expertise of Watsco,” he added.

Watsco also has an 80% stake in Carrier Enterprise LLC, a US joint venture it formed with Carrier in 2009. Carrier Enterprise sells a variety of Carrier products from 121 locations in 19 states, Puerto Rico and on an export basis to the Caribbean and parts of Latin America. Successive joint ventures were formed by Watsco and Carrier in the north east United States, Mexico and Canada.

Latest News

27th February 2024

Leak detection software attracts $5m funding

USA: The refrigerant leak detection software created by San-Jose-based Axiom Cloud has attracted $5m in funding to accelerate deployment of the technology.
27th February 2024

Midea opens showroom in New York

USA: Chinese air conditioning and heat pump manufacturer Midea has opened its first national showroom and distribution centre in New York.
27th February 2024

European heat pump sales down 5% in 2023

EUROPE: After a decade of increases, heat pump sales in Europe fell by around 5% in 2023 – and market analysts are expecting this downward trend to continue this year.
26th February 2024

Modine buys Canadian AHU manufacturer

USA/CANADA: Modine has entered into a definitive agreement to acquire Canadian air handling unit manufacturer Scott Springfield Manufacturing. 
26th February 2024

Stulz partners on immersion cooling

GERMANY/NETHERLANDS: Stulz Modular, the data centre design, build and maintenance services provider, is cooperating with Dutch immersion cooling specialist Asperitas in the field of liquid cooling.
26th February 2024

Brian Streatfield 1936-2024

UK: Brian Streatfield, a man who was instrumental in the formation of Carrier in the UK during the 1970s, died at the weekend. He was 87.