International.
Watsco Inc. announced that it has acquired an additional 10% stake in Carrier Enterprise Northeast LLC, a joint venture with Carrier Corp. The transaction brings Watsco's stake to 70%. The consideration was approximately $43 million and was paid in cash.
The joint venture has sales of about $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 references.
Albert Nahmad, President and CEO of Watsco, said: "The formation of our joint venture with Carrier Enterprise has proven to be a transformation for our company. The collaboration between Watsco and Carrier has produced magnificent results, and we are happy to invest more in what has been an unreserved success for both companies."
Watsco's traditional sales channel is through one of its 568 locations in the United States, Canada, Mexico and Puerto Rico, and on an export basis to Latin America and the Caribbean. This network has been built over the past 25 years and serves 88,000 active customers. Watsco said it is developing and investing in technologies to enable sales through e-commerce, online marketplaces and the retail channel.
