Federal Regulators give early stamp of approval to Watsco-Carrier Corp. joint venture.
Watsco Inc.announced that the U.S.
Federal Trade Commission has granted early termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, allowing its joint venture withCarrier
Corp.to move forward.
Supply House Timesreported earlier last monthon the planned joint venture of the two companies.Carrier Enterprise LLC, as they have named it, will distribute Carrier, Bryant and Payne products
throughout the U.S. Sunbelt, Latin
America and the Caribbean.
The venture will operate 110 locations in 20 states and Puerto
Rico, the Caribbean
and Latin America, and
serve more than 19,000 air conditioning and heating contractors.
On a combined pro-forma basis, Watsco
and the joint venture had $3 billion of revenues in 2008. The
completion of the agreement is subject to customary closing and transition
items and is expected to be completed in the next 30 days.
Report Abusive Comment