Watsco (WSO)(UTX) to Acquire Carrier HVAC Network in Canada for $330M

Watsco, Inc. (NYSE: WSO) (NYSE: UTX) today announced that it has executed a definitive agreement to acquire Carrier’s HVAC distribution network in Canada. Carrier is a unit of UTC Climate, Controls & Security. The business will operate as a joint venture under the name Carrier Enterprise Canada with Watsco owning 60% and UTC Climate, Controls & Security 40%. The companies operate similar joint ventures in the U.S., Latin America and the Caribbean. The transaction is expected to close by the end of April 2012 and is subject to customary closing conditions.

The Canadian distribution network operates 35 locations and had revenues of approximately $330 million in 2011 serving 5,000 customers in all of the provinces and territories of Canada. The joint venture will operate as a stand-alone business using its existing infrastructure under the leadership of its present management team. Following the transaction, Watsco’s annual revenue run-rate will approximate $3.4 billion.

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