Watsco, Inc. is the largest distributor of refrigeration, heating and cooling equipment and related parts and equipment (HVAC/R) in the United States. Watsco was founded over 60 years ago as a manufacturer of parts, components and tools used in the HVAC/R industry. Under the current leadership of the CEO, Albert H. Nahmad, from 1973 to 1988, Watsco grew from $ 5 million in revenue up to US $ 25 million. In 1989, the company shifted its focus from manufacturing to distribution by acquiring Gemaire Distributors Inc., a Rheem distributor in South Florida. In 1997, Watsco added other OEMs into the mix and moved to commercial cooling as a result of the acquisition of Baker Distributing Company. Watsco divested its manufacturing business in 1998, selling it to International Comfort Products Corporation, now part of Carrier Corporation (Carrier). Revenue increased from US $ 64.1 million in 1989 to US $ 4.2 billion in 2016 through a strategy of acquiring a company with an established market position and then building revenue and profits through a combination of additional locations, products, services and other initiatives.
Watsco's goal is to build a network of locations across North America that provide excellent services and product availability to HVAC/R contractors, helping and supporting them as they serve home and business owners. Watsco has around 550 employees who help around 88,000 contractors and dealers who in turn, service, repair or replace HVAC/R systems at home and business. As of December 31, 2016, the company operates from 565 locations in 37 US, Canadian, Mexican and Puerto Rican states with additional market coverage based on exports to Latin America and the Caribbean. Watsco is the only publicly traded HVAC/R distributor. Ordinary shares of the company are traded under the WSO symbol on the New York Stock Exchange (NYSE). Class B common shares of companies are traded on the NYSE with ticker symbol WSO.B. Albert Nahmad, chairman and CEO, controls the company with 53% combined voting power.
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Key date
1947: The company, Wagner Tool & amp; Supply Corp., established in New York
1956: Watsco, Inc. incorporated in Florida
1963: Company becomes public
1968: Watsco joins American Stock Exchange
1972: Albert H. Nahmad becomes chairman, president and CEO
1989: Watsco acquires 80% stake in Gemaire in Florida and shifting focus to distribution
1990: The Company acquired 50.5% interest in Heating & Cooling Supply in California
1993: Watsco acquires 80% stake in Comfort Supply in Texas
1994: Ã, Watsco moves to New York Stock Exchange
1996: Watsco buys Minority interest Gemaire, Heating & amp; Refrigeration & amp; Leisure Supply
1997: The Company acquired the location of Carrier and ICP; entering the cooling market
1998: Watsco sells its manufacturing operations; revenues reach US $ 1 billion
2005: The company acquired East Coast Metal Distributors, Goodman product distributor
2009: Ã, Watsco formed the first joint venture with Carrier Corporation; revenue reaches US $ 2 billion
2011: Companies enter Mexico
2012: Watsco enters Canada and revenues exceeding US $ 3 billion
Maps Watsco
Company history
Organization and company development
Watsco was held in 1947 in New York, as a spare parts manufacturer originally known as Wagner Tool & amp; Supply Corp. Watsco, Inc. was founded in Florida on July 14, 1956 and became public in 1963. In 1968, Watsco was listed on NYSE MKT LLC, formerly known as the American Stock Exchange. In 1969, Watsco joined Sun Engineering and embarked on an acquisition strategy.
Small players throughout the 1970s
After 1969, Watsco bought several small companies in various industries and scattered locations. Headquartered in Hialeah, Florida, a larger industrial area in Miami, the company operates mainly in three industries in the 1970s: 1) manufacturing climate control components for heating, air conditioning and refrigeration industries; 2) manufacture of components for doors and windows in the building industry; and 3) the production and sale of professional hair care products for the beauty salon industry. In 1971, Watsco acquired Chicago-based Wabash Corp. and Kesco Products of New York. The company acquired Allin Manufacturing Company in 1973, a Chicago-based specialist air conditioning component manufacturer called "sight glasses" (a device used to observe refrigerant clarity). In 1974, the company bought Mumma Tool & amp; Company Die. In 1977, Watsco paid Clairol, Inc. about US $ 275,000 for Sybil Ives Division, which includes hair care products such as permanent surf, hair spray, hair coloring, shampoo, and conditioner. Watsco runs the Professional Hair Care division, consisting of Sybil Ives and Winslow Manufacturing, Inc., until 1982. In a profile at Watsco in Florida Trend magazine (October 1992), sales and revenues throughout the 1970s were marked "unspectacular. "The company in many ways matched the model of the corporate conglomerate that dominated that era, with operations scattered across several market segments - hair and air conditioning treatments could hardly be more different.
The company was under the control of a new leader in December 1972, Albert H. Nahmad, when he acquired a controlling stake in the company from its founder, William Wagner. He became chairman, president and chief executive officer and eventually took the company in a new direction. Nahmad has a background in business and engineering. He holds a Bachelor of Science degree in Mechanical Engineering from the University of New Mexico and a Master of Science degree in Industrial Administration from Purdue University. He then worked for several years for the W.R conglomerate. Grace & amp; Co, and for accounting firm Arthur Young & amp; Co. (now known as Ernst & Young). For several years under Nahmad's leadership at Watsco things did not look too different. The company continues to take on smaller manufacturing companies, including Del Mar Engineering Co. in 1977, Rho Sigma, Inc. in 1979 and Cam-Stat, Inc. from Los Angeles in 1981. The company sold the Professional Hair Care division in 1982 for US $ 540,000, almost double the amount paid for the Clairol division five years earlier. In addition, Nahmad made several steps to strengthen Watsco's operations. In 1982, Watsco subsidiaries based in Los Angeles Del Mar Engineering and Rho Sigma moved to Hialeah where they became part of the Company's Production division. In 1984, another California subsidiary, Cam-Stat, also moved to Hialeah so that Watsco's operations were not so far away. The Company also made significant investments in 1982, purchasing approximately 8.5% interest in Florida Commercial Banks, Inc., the parent company of the bank, approximately US $ 3 million. Two years later, Watsco sold the interest in the bank for about US $ 8.6 million.
Start moving in the 1980s
By the mid-1980s, Watsco's revenues had grown to around US $ 14 million. Business AC Watsco is fine. The US Sun Belt had seen a boom in housing in the 1970s as many people migrated south, and Watsco continued to grow even as the boom tapered over to sell spare parts. Air conditioning, which is used for most of the year at the Sun Belt, usually runs out in 8-10 years, so the replacement cycle went smoothly in the 1980s even as new home construction slowed. In 1986, Nahmad was eager to expand Watsco, who had enough money to invest. Nahmad told him that he was looking for an acquisition, and even issued an advertisement on The Wall Street Journal asking people with companies to sell to contact him. Then Watsco took an unexpected step. His first major acquisition in the mid-1980s was not related to his air-conditioning business over hair care. In May 1988, Watsco obtained temporary assistance and a permanent placement service company called Dunhill Personnel System, Inc. Dunhill has revenues of approximately $ 21 million per year, and personnel services are expected to become high-growth businesses. Nahmad first announced that he would split the division for profit within a few years, but Dunhill continued to be part of Watsco until 2007 when it was sold to ATS Group LLC. In 1988, Watsco's revenue reached US $ 22 million.
Login to HVAC distribution
The real key to Watsco's growth, and the foundation to be built thereafter, came in 1989 when Watsco invested in the air-conditioning distribution business. In 1989, Watsco bought 80% of the largest central air-conditioning equipment distributor under the Rheem brand, Gemaire Distributors, Inc., for US $ 17.1 million. The other 20% of the company is held by Rheem. Then in 1990, Watsco bought a 50.5% share of Heating & amp; Cooling Supply, Inc., the largest independent distributor of HVAC equipment and equipment in California. Watsco has planned to purchase 80% of Heating & amp; Supply Cooling, collect money through a public offering of shares. Iraq's invasion of Kuwait and the possibility of war in the Persian Gulf flatten the stock market, making Watsco's stock offer almost impossible, and the company pulled back. Instead, Watsco selects a small section of Heating & amp; Cooling Supply, paying about US $ 16 million for 50.5% interest. Rheem bought the remaining 49.5%. The acquisition allows Watsco to double its distribution market share in southern California and Arizona, and company revenues increase. In 1991, Watsco's revenue had reached US $ 169 million.
Stable growth in the 1990s
A long-term replacement cycle is underway at Sun Belt for central air conditioning after the housing boom in Sun Belt during the 1970s. Watsco also grew with expansion into new markets, high growth. It opened its location in Las Vegas in 1991, anticipating a strong population growth there. The company also benefited from rebuilding efforts after Hurricane Andrew. The storm destroyed southern Florida in 1992 and in Miami-Dade County alone, about 26,000 homes were destroyed and more than 101,000 were damaged.
When Watsco's distribution business started, its manufacturing business became a smaller part of its total business. In 1993, about three quarters of the company's revenues came from distribution. Manufacturing is profitable and Watsco started to manufacture electronic temperature control, which is sold to OEM. Watsco also started making new products in 1992, which he called Flash. Flash is a machine that captures and filters chlorofluorocarbons (CFCs), coolers commonly used in air conditioning and refrigeration equipment. Flash was produced by Watsco's subsidiary in Hialeah, and that's important because the Clean Air Act enacted in July 1992 prohibited the release of CFCs into the air. Flash allows AC contractors to recover and recycle CFCs in accordance with the law. With this new product, Watsco hopes that its manufacturing business will be the same as the distribution side by the end of the decade.
But it was a distribution business that continued to lead the way until the 1990s. The industry is still very fragmented, made up of many established small players, and Watsco has many opportunities to grow with acquisitions. "Nobody out there is consolidating in the industry except us," CEO Nahmad told the Wall Street Journal (June 20, 1994). In the interview, Nahmad also announced that Watsco's profit for 1994 is expected to rise by about 20%. The company moved to the more prestigious New York Stock Exchange that year. In 1995, Watsco acquired Central Air Conditioning Distributors, Inc., a North Carolina Rheem distributor. In 1996, Watsco purchased Rheem minority rights in three brands Rheem-brand: 1) Gemaire, 2) Heating & amp; Refrigeration Supply and 3) Leisure Supply, the 1993 acquisition they had for 80/20. All of this became a wholly owned subsidiary of Watsco. The company also purchased Three States Supply Company, Inc. that year. Then in early 1997, Watsco acquired Coastline Distribution, Inc. and purchased four additional operations from Inter-City Products Corporation for US $ 21.7 million. Inter-City is one of the largest manufacturers of heating and cooling equipment in the country, with several major brands, including Comfortmaker and Arcoaire. It has 25 locations of its Coastal Distribution business, spread throughout Florida, Georgia, Alabama, Carolina, Maryland and parts of southern California. Within a few months, Watsco announced that they purchased two distribution operations from the Carrier air conditioner maker. This is the 15th acquisition of companies in the HVAC/R distribution business since 1989.
With a fast growing distribution business, Watsco decided to sell its manufacturing business. In January 1998, the company announced its intention to focus solely on its distribution business, generating about 90% of its total revenue in 1997. The company sold its manufacturing subsidiary, Watsco Components, Inc., to International Comfort Products Corporation in 1998. Watsco went on to acquire smaller distributors in 1998 buying a Georgia company that distributed heaters and air conditioners to the car home industry. Kaufman Supply, Inc. has an annual revenue of US $ 102 million, and appears to have a profitable niche in the growing mobile home market in the Southeast AS.
By the late 1990s, Watsco had become a multibillion-dollar company. It has made significant inroads into the HVAC/R distribution market in Florida, Texas and California, the key states of Sun Belt. In 1999, the company announced that it was ready to move to New England, which is a new territory for Watsco. New England is served by about 40 different distributors, and the total market for heating and cooling, including parts and supplies, is estimated to be worth over US $ 400 million. In 1999, Watsco bought two major distributors in Northeast, Homans Associates, Inc. and Heat, Inc., and stated that they are actively seeking more acquisitions in the area. Watsco completed 1999 with 315 distribution locations in its network and recorded growth; revenue grew 17%, to US $ 1.25 billion. Watsco is now the largest independent distributor of residential heating and cooling equipment in the US.
Increased operating efficiency and sustainable growth in the 2000s
In 2000, the company entered another mode, concentrating on improving operating efficiency and improving profitability in an existing location rather than focusing on growth through acquisitions. It announces that it will eliminate some non-selling product lines or those with poor profit margins. Watsco also implemented several initiatives including the closure of poorly performing sites (25 sites closed in 2000 and 7 closed in 2001) and integration of operating subsidiaries, resulting in a simpler operating structure. Companies are looking for other ways to cut costs as well. It restructures the business it buys from Kaufman Supply, which sells heating and cooling to mobile homes and other manufacturing housing. Watsco also invested in new technology in the early 2000s by introducing ACDoctor.com, a consumer-friendly website that provides consumers resources for heating and air conditioning, including information on energy efficiency, product comparison and tax and utility loans, and how to find licensed HVAC contractors to serve their repair and replacement needs. Watsco reported sales of US $ 1.3 billion in 2000, up slightly from a year earlier. Revenue for 2001 shrank slightly but Watsco still sees opportunities for future growth in the HVAC/R distribution market. Company analysts consider the HVAC/R distribution industry as flawed and fragmented, suggesting there is still room for a good consolidator.
Watsco continued its acquisition strategy in the 2000s by acquiring a number of other businesses including 52 locations from former competitors, Pameco, in 2003. The company also acquired the largest distributor of Goodman Manufacturing, East Coast Metal Distributors, Inc., in 2005 with 27 locations in the Southeast. The East Coast has been owned by the same family for over 50 years. Watsco later acquired ACR Group, Inc. based in Houston in 2007, a public company with 54 locations across the entire Sun Belt and annual revenues of approximately US $ 240 million. Despite the economic slowdown that began in 2008, Watsco completed its largest acquisition to date with the establishment of a joint venture with Carrier in the second half of 2009.
Joint venture with Carrier Corporation in 2010s
In July 2009, Watsco established a joint venture (Carrier I Company) with an Operator to distribute Operator products throughout the U.S. Sun Belt, Latin America and the Caribbean. Operators contribute to Carrier Enterprise 95 locations in the export division of Sunbelt AS and Puerto Rico and Carrier located in Miami, Florida, and Watsco contributed 15 locations distributing Carrier products. Watsco purchased a 60% controlling stake in the joint venture of US $ 181 million with option to purchase up to an additional 20% interest from Carrier (10% commencing in July 2012 and an additional 10% in July 2014).
It represents a transformational event in Watsco's history. This transaction doubles Watsco's leading position in the market and expands its product line and brand. The company can also expand its presence in Sun Belt AS, where its products are essential. Specifically, the Carrier Company added the depth of the product to the Watsco market with premium-grade residential products, commercial products, and the latest energy-efficient technologies. In addition, the location of the Carrier Company is given the opportunity to sell additional components, supplies, and other complementary accessories through existing operating structures, improving customer relationships and costs. The Structured Freight Company is similar to another Watsco acquisition, with a decentralized management structure that keeps the existing management team in place; the cornerstone of Watsco's operating philosophy. The Carrier Enterprise joint venture generates Watsco's revenue expansion of approximately US $ 1.3 billion in 2010. "For its part, Carrier finds a powerful new partner with extensive distribution expertise that will expand its product line sales."
Effective July 2, 2012, Watsco used their first option to acquire an additional 10% stake in Carrier Enterprise I, which increased its ownership to 70%. On July 1, 2014, Watsco used their last option to acquire an additional 10% ownership interest in Carrier I Company, which increased its ownership to 80%. In April 2011, Watsco formed a second joint venture with Carrier, Carrier Enterprise II, to distribute Operator products throughout the Northeast United States in most new markets for the company. In July 2011, the company added Carrier's distribution operations in Mexico to the second joint venture. In November 2016, we purchased an additional 10% interest in Carrier Enterprise II, and, on February 13, 2017, we again bought an additional 10% interest in Carrier II Company, which together increased our controlling ownership to 80%. In April 2012, Watsco formed a third joint venture, Carrier Enterprise III, with UTC Canada Corporation, a Carrier affiliate, to distribute Carrier products from 35 locations across Canada's provinces and territories. Watsco owns a 60% controlling interest in this joint venture and UTC Canada has 40% non-control interest.
The three Carrier Enterprise joint ventures employ around 2,500 individuals and operate from over 200 locations in 27 US, Canadian, Mexican and Puerto Rican states with exports to more than 20 countries in Latin America and the Caribbean. Combined, the joint venture with Carrier represents 61% of Watsco's revenue for 2016.
Growth of distribution operations
Housing HVAC distribution industry
The HVAC/R distribution industry is highly fragmented with approximately 2,300 distribution companies. Industries in the US and Canada are well established, having a major growth period during the post-World War II era with the emergence of affordable central air conditioning and heating systems for residential and commercial applications. The emergence of HVAC/R products in Latin America and the Caribbean is also well established, but has emerged in recent years as economic growth and products become more affordable and have matured from luxury to necessity. The estimated annual market for HVAC/R housing products in America is approximately US $ 35 billion. Central residential air conditioning is produced primarily by seven large companies that together account for about 90% of all units shipped in the US each year. These companies are: Carrier Corporation (Carrier), a subsidiary of United Technologies Corporation, Goodman Manufacturing Company, LP (Goodman), a subsidiary of Daikin Industries, Ltd., Rheem Manufacturing Company (Rheem), Trane Inc., a subsidiary of Ingersoll Rand Company Limited, York International Corporation, a subsidiary of Johnson Controls, Inc., Lennox International, Inc. and Nordyne Corporation (Nordyne), a subsidiary of Nortek Corporation. These manufacturers distribute their products through a combination of independent and factory-owned distributors who, in turn, supply equipment and related parts and supplies to national contractors and dealers who sell and install products for consumers, businesses and other end users.
Air conditioning and heating equipment sold to the market replacement housing, commercial markets and new housing construction market. The replacement market has increased in importance over the past few years as a result of basic aging installed from air conditioning and central furnace housing, the introduction of new more energy efficient models, renovation and expansion of existing homes, the addition of central air conditioning to homes that previously only had heating products and the overall reluctance of consumers to live without air conditioning or heating products. The mechanical life of the central air conditioning and furnace vary by geographical area due to use and ranges from about 8 to 20 years. According to data published by the Energy Information Administration, there are approximately 89 million central air conditioning and heating systems installed in the US that have been in operation for over 10 years. Many of today's installed units are reaching the end of their useful lives, providing a stable and growing market.
Business strategy
Watsco has a "buy and wake" strategy that has resulted in substantial revenue growth and long-term profits. The "buy" component of the strategy focuses on acquiring market leaders to expand into new geographic areas or gain additional market share in existing markets. Watsco uses a disciplined and conservative approach that seeks opportunities that match well-defined financial and strategic criteria. The "build" component of the strategy focuses on implementing a growth culture in the acquired company, by adding products and locations to better serve customers, exchanging business ideas and concepts among executive management teams and investing in new technologies. The newly acquired companies have access to Watsco's capital resources and established vendor relationships to provide their customers with an expanded line of product lines with favorable terms and conditions with increased service commitment.
Strategy in existing market
Watsco's strategy for growth in existing markets focuses on customer service and product expansion to meet higher growth needs, a higher margin replacement market, where customers generally demand prompt, convenient and reliable service. The Company responds to this need by (i) offering a wide range of product lines, including equipment, parts, and supplies necessary to enable contractors to install or repair central air conditioning, furnace or cooling systems; (ii) maintain a strong density of warehouse locations for increased comfort (iii) maintaining a complete inventory inventory to ensure that customer orders are filled in on time, (iv) providing high-level technical expertise at the point of sale and (v) developing and applying technology to further enhance customer service capabilities. The Company believes that these concepts provide a competitive advantage over smaller and less capital competitors who can not afford the resources to open and maintain additional locations, implement business technology solutions, provide the same product range, maintain the same inventory levels or draw widths various skills needed to support a wide range of product offerings. In some geographical areas, Watsco believes that it has a competitive advantage over a factory-operated distributor network that typically does not maintain a diversified supply of parts and supplies such as Watsco and that has fewer warehouse locations than they do, which makes it more difficult for competitors to meet the demands of a time-sensitive replacement market.
In addition to the replacement market, Watsco sells to new construction markets, including new homes and commercial construction. The company believes its reputation for high quality services and reliable relationships with contractors, who can serve new replacements and construction markets, enabling them to compete effectively in these markets.
Acquisition strategy
The company focuses on acquiring businesses that complement its current presence in existing markets or establishing presence in new geographic markets. Since 1989, Watsco has acquired 59 HVAC/R distribution businesses, six of which operate as primary operating subsidiaries. The other acquired small distributor has been integrated into or under the management of a major operating subsidiary. Through a combination of sales and market share growth, new location opening, slip acquisition, product line extensions, price increases and programs that have resulted in higher gross profit, performance incentives and value equity culture for key leadership, the company has generated substantial sales and growth post-acquisition income. Watsco continues to pursue additional strategic acquisitions and/or joint ventures to enable further penetration in existing markets and expansion into new geographic markets.
Operating philosophy
The acquired subsidiaries operate in a manner built on the long-term relationships they have established between their suppliers and customers. Typically, Watsco strives to preserve the identity and business culture that it acquires by retaining their historical trade names, management teams and sales organizations and by continuing their brand-name product offerings. Watsco believes that this strategy allows companies to build the value of the operations gained by creating additional sales opportunities while providing an exiting strategy that appeals to the former owners of these companies.
Watsco maintains specialized staff at its corporate headquarters in Miami, Florida that provides functional support for growth strategy of its subsidiaries in their respective markets. Certain general and administrative costs are targeted for cost savings by utilizing overall business volume and improving operational efficiency.
Products
Watsco sells a broad product line and maintains a wide range of inventory to meet the immediate needs of its customers and strives to provide products that contractors normally require when installing or repairing central air conditioning, furnace or cooling systems with short notice. The cooling capacity of the air conditioning unit is measured in tons. One ton of cooling capacity is equivalent to 12,000 British Thermal Units (BTU) and is generally adequate for air conditions of approximately 500 square meters of residential space. Products distributed by the company consist of: (i) equipment, including central air-conditioning housing ranging from 1-1/2 to 5 tons, gas, electricity and oil furnaces ranging from 50,000 to 150,000 BTU, commercial air conditioning and heating equipment and systems from 1-1/2 to 25 tons and other special equipment, (ii) parts, including replacement compressors, evaporator coils, motors and other component parts and (iii) supplies, including thermostats, insulating materials, coolers, , registers, sheet metal, tools, copper pipes, concrete pads, tape, adhesives and other ancillary equipment. Watsco distributed refrigeration products include condensing units, compressors, evaporators, valves, coolers, walk-in coolers and ice machines for industrial and commercial applications.
Distribution and sales
The largest market Watsco serves is the US, where the most significant market for HVAC/R products is at Sun Belt. Thus, the majority of Watsco distribution locations are in the Sun Belt, with the highest concentrations in Florida and Texas. These markets have become the company's strategic focus given their size, reliance by home owners and businesses on HVAC/R products to maintain comfortable indoor environments and population growth in these areas over the last 40 years, which has led to substantial basic installed which requires replacement, shorter useful lives for equipment supplied hours of operation and focus by electric utilities on consumer incentives designed to promote the replacement of HVAC/R equipment in an effort to improve energy efficiency. In the US, cooling and heating account for about half of the energy consumed in ordinary homes.
Primary suppliers
Watsco has significant relationships with Carrier, Rheem, Goodman, Nordyne, Emerson, Manitowoc, Honeywell, Owens Corning, Johns Manville and DuPont, who are respectively the leading producers of HVAC/R products in the US. Every manufacturer has an established reputation. produce high quality products with competitive price. Current product offerings, quality, serviceability and brand recognition-the company's name allows Watsco to operate profitably relative to their competitors. To maintain brand-name recognition, AC manufacturers and heating appliances provide national advertising and participate with Watsco in cooperative advertising programs and promotional incentives targeted to both dealers and end users.
Business unit
Baker Distributing Company
Founded in 1945 in Jacksonville, Florida, Baker provides a comprehensive range of HVAC, refrigeration, food service equipment, and spare parts and supplies for residential, commercial and marine applications from 218 locations in 23 states.
Operator Company
Carrier Enterprise distribute Carrier, Bryant, and Payne branded, commercial and commercial light commercial HVAC products from over 165 locations in 28 states and Puerto Rico, with additional market coverage on the basis of exports to Latin America and the Caribbean.
Enterprise Mexico Operator
Mexican Transportation Company distributes a complete product line of HVAC Equipments and commercial and inventory cooling products that serve residential and commercial commercial markets from more than 10 locations across Mexico.
Canadian Introduction
Carrier Enterprise Canada distributes Carrier, Bryant, and Payne branded, commercial and commercial light commercial HVAC products from more than 35 locations across Canada's regions and provinces.
East Coast Metal Distributor
Founded in 1954 in Durham, North Carolina, the East Coast distributes Amana, Goodman, Daikin and Gree HVAC products from more than 45 locations in 11 states.
Gemini Group
<Founded in 1969 in Florida, Gemaire provides Rheem, American Standard, and Mitsubishi HVAC products from over 85 locations in 10 states.
ACDoctor
ACDoctor.com is a source of information, created by Watsco, for homeowners and building owners seeking information related to heating and air conditioning. This website provides information on energy efficiency, product comparison, taxes, and utility credit.
Watsco Ventures
Watsco Ventures provides entrepreneurs and technologists the opportunity to develop new technologies and business models that will enhance the customer experience and increase sales growth. Watsco Ventures is based in Miami, Florida.
References
External links
- Official website
- Forbes 400 Best Big Company 2008
- Forbes 100 Most Trusted Company 2008
- Watsco SWOT Analysis
Source of the article : Wikipedia
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