Watsco, Carrier Global To Acquire Temperature Equipment Corp. - Quick Facts

(RTTNews) - Watsco, Inc. (WSO) and Carrier Global Corp. (CARR) announced Tuesday that they have signed an agreement to acquire Temperature Equipment Corp. (TEC). TEC marks Watsco's first entry into the U.S. Midwest.

TEC will operate as an independent business as an addition to the highly-successful group of joint ventures between Watsco and Carrier over the past several years.

Watsco will own 80% of TEC and Carrier 20%. Closing of the transaction is subject to customary conditions and is expected to occur within the next 30 days.

TEC is one of the largest HVAC distributors in North America with sales of $291 million in 2020. Watsco said it is actively seeking additional opportunities to invest and grow through acquisitions given its relative low market share of the estimated $40 billion North American distribution marketplace for HVAC/R products.