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Headquarters: Miami, FL
2012 Revenues: $3.43 billion
Change in Sales from 2011: 15.1%
2012 Acquisitions: 60% of Carrier's HVAC Network in Canada
Key Executives: Albert Nahmad, CEO; Barry Logan, SVP; Ana Menendez, CFO; Paul Johnston, VP, head of business development; A.J. Nahmad, VP, strategy and innovation
Watsco continued its expansion into international markets in 2012; international markets now account for 16 percent of the distributor’s sales. As residential new construction rebounds, Watsco is also seeing better performance in the U.S. Same-store sales increased 4 percent in 2012; overall sales were up 15 percent, reflecting Watsco’s joint venture with Carrier. In 2012, the distributor increased its share of the joint venture, Carrier Enterprise, and purchased 60 percent of Carrier’s distribution operations in Canada, adding about $330 million in revenues in 35 locations.
Watsco’s sales break down like this: HVAC equipment (63 percent); other HVAC products (33 percent); and commercial refrigeration products (4 percent).
The largest market for Watsco is the U.S., specifically the Southeast. The highest concentration of locations is in Florida and Texas.
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