Watsco (WSO) Takes Additional 10% Stake in Carrier Enterprise Northeast
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Watsco (NYSE: WSO) announced that it has acquired an additional 10% ownership interest in Carrier Enterprise Northeast LLC, a joint venture with Carrier Corporation, a world leader in high-technology air conditioning, heating and refrigeration solutions and part of UTC Climate, Controls & Security, a unit of United Technologies Corp. The transaction raises Watsco’s ownership stake to 70%. 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 & Chief Executive Officer 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.”
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