May 4, 2009 (FinancialWire) — United Technologies Corp.’s (NYSE: UTX) Carrier Corp. unit has agreed to form a joint venture with Watsco, Inc. (NYSE: WSO) to distribute Carrier, Bryant, Payne and Totaline residential and light commercial products in the U.S. sunbelt region and various territories in the Caribbean and Latin America.

Under the deal, Carrier will separate its company-operated distribution in these regions and contribute them to the joint venture. Watsco will contribute its Carrier distribution entity in the Midwest to the venture. Watsco will own 60 percent of the venture and Carrier 40 percent.

The new joint venture, named Carrier Enterprises, will include Carrier-operated distribution entities in the Caribbean, Puerto Rico and 12 states of the U.S. and Watsco locations in eight states that currently distribute Carrier, Bryant and Payne products.

Watsco is the largest independent distributor of air-conditioning, heating and refrigeration products (HVACR) in the U.S. with more than 60 years of proven success in the Sunbelt region.

Farmington, Connecticut-based Carrier is a provider of heating, air-conditioning and refrigeration products and services. The company has around 41,000 employees and operations in more than 170 countries.

Watsco is an independent distributor of air conditioning, heating and refrigeration equipment and related parts and supplies with 412 locations serving over 40,000 customers in 34 states.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.