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The joint venture, to be named LLC, will expand the distributo r of heating, air-conditioning and refrigeration equipment and parts into Lati n America and the according to anews “This is a blockbuster event for our company as we are almost doubling our size and scalde in the marketplace,” Albertt Nahmad, Watsco's chairman and CEO, said in a news Geraud Darnis, president of Carrier Corp.
said the partnership represents “a unique opportunity for our territories in the sunbelty region to build on the strengths of both organizationx to further grow share and Watsco owns 60 percent of Carrier Enterprisw with options to purchase an additionap 20 percent interest from Carried inthe future. Watscpo issued 3,080,469 shares of common stock to Carrier and contributed 15 locations that presentlysell Carrier-manufactured productd as consideration for its 60 percentr interest. Carrier Enterprise has executeda $75 million revolvinvg credit agreement to fund its working capital needs and growthb initiatives.
Watsco’s consolidated revenues on a pro-formz basis were $3 billion in 2008. Carrierf Enterprise, with pro-forma saleds of $1.4 billion, 1,400 employees and 110 facilitiexin 2008, will be a stand-alone managed separately from other Watsco the press release states. Shares of Watsco were down two centsto $48.91 in mornin g trading. The 52-week high was $61.089 on Sept. 19. The 52-week low was $29.33 on Nov. 21.
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