Watsco and Carrier Execute Agreement to Expand Joint Venture into Mexico

Watsco, Inc. WSO today announced that a definitive agreement has been executed to add Carrier Corporation's HVAC distribution operations in Mexico to their existing joint venture. The transaction is expected to close on July 29, 2011. Carrier's company-operated Mexico distribution network began operations in 1947 and had revenues of $80 million during the most recent twelve months ended June 2011, operating from six locations and has 90 employees servicing its customer base. The company will market Carrier's complete product line from duct free split systems through the applied commercial systems. The Mexican market has an estimated $2.0 billion market potential for HVAC equipment and commercial refrigeration products and supplies.