Carrier JV to Acquire Temperature Equipment Corporation, Largest Carrier Distributor in the Midwest
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Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Carrier has signed an agreement with Watsco to form a joint venture aimed at acquiring Temperature Equipment Corporation (TEC), the largest Carrier distributor in the Midwest. Watsco will hold an 80% stake, while Carrier retains 20%. This independent venture seeks to enhance market leadership in the Midwest. The deal underscores Carrier's strategy of strategic bolt-on M&A, leveraging TEC's established market position and Watsco's expertise. The acquisition is anticipated to close within 30 days, pending customary conditions.
Positive
- Joint venture with Watsco enhances Carrier's market position in the Midwest.
- Leveraging TEC's established brand and relationships built over 80 years.
- Strategic bolt-on M&A aligns with Carrier's growth strategy.
Negative
- None.
Details
News Market Reaction – CARR
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CHARLOTTE, N.C., March 16, 2021 /PRNewswire/ -- Carrier today announced that it has signed an agreement with Watsco to form a joint venture to acquire Temperature Equipment Corporation (TEC), the largest Carrier distributor in the Midwest. Watsco will own
"This acquisition aligns with Carrier Global's established plan to execute strategic bolt-on M&A and we are excited to extend our long-term relationships with TEC and Watsco. This new standalone joint venture will allow us to continue to benefit from the entrepreneurial culture and leading market position that the Mungo family has built at TEC over more than 80 years, while leveraging the operational, technology and industry expertise of Watsco," said Chris Nelson, President, HVAC, Carrier.
TEC is a distributor of Carrier, Bryant and Payne brands, offering residential, light commercial and applied HVAC equipment.
The closing of the transaction is subject to customary conditions and is expected to occur within the next 30 days.
About Carrier
Founded by the inventor of modern air conditioning, Carrier is a world leader in high-technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy-efficient products, building controls and energy services for residential, commercial, retail, transport and food service customers. Carrier is a part of Carrier Global Corporation, the leading global provider of healthy, safe and sustainable building and cold chain solutions. For more information, visit carrier.com or follow @Carrier on Twitter.
CARR-IR
Contact:
Danielle Canzanella
860-221-8457
Danielle.Canzanella@Carrier.com
View original content:http://www.prnewswire.com/news-releases/carrier-jv-to-acquire-temperature-equipment-corporation-largest-carrier-distributor-in-the-midwest-301247788.html
SOURCE Carrier
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