Watsco increases stake in Carrier JV
USA: Air conditioning and refrigeration distributor Watsco has acquired an additional 10% stake in Carrier Enterprise LLC, the US joint venture it formed with Carrier in 2009.
The $90m transaction raises Watsco’s ownership stake to 80%.
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.
“This 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 of our companies,” said Albert Nahmad, Watsco’s chairman and chief executive officer.
Watsco is the largest US distributor of air conditioning, heating and refrigeration equipment and related parts and supplies in the hvacr distribution industry, currently operating 569 locations.