Carrier/Watsco Complete Joint Distribution Venture

Involves distribution in U.S. Sunbelt region, Carribean, Latin America

Carrier Corp., Farmington, CT, and Watsco, Inc. have completed the transaction to form Carrier Enterprise LLC, a joint venture to distribute Carrier, Bryant, Payne and Totaline residential and light commercial HVAC products in the U.S. sunbelt region and selected territories in the Caribbean and Latin America. Watsco owns 60% of the venture, with the remaining 40% owned by Carrier. Carrier is a unit of United Technologies Corp.

“This partnership with Watsco presents a unique opportunity for our territories in the sunbelt region to build on the strengths of both organizations to further grow share and profitability. The combined entity is expected to offer a wider portfolio of parts and supplies and unparalleled customer service,” says Geraud Darnis, president of Carrier Corp.

Carrier Enterprise, with pro-forma sales of $1.4 billion, 1,400 employees and 110 facilities in 2008, will be a stand-alone entity, managed separately from other Watsco companies.

“Carrier Enterprise has a seasoned leadership team and an excellent reputation in the marketplace,” adds Albert Nahmad, Watsco’s president and CEO. “With our commitment to growth, we're excited about the opportunities presented by this joint venture.”

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