HVACWebConnection.com Home Page


     Search     

 
 
 

 


  Connect to your HVAC Community  

 
  

 

 

 


   

            
 
HVAC INDUSTRY NEWS
United Technologies Announces Secondary Offering of its Position in Watsco, Inc. Common Stock.

United Technologies Corp. (NYSE: UTX) announced today the commencement of an underwritten secondary offering of 4,235,685 shares of common stock of Watsco, Inc. (NYSE: WSO). Watsco is not offering any shares of common stock and will not receive any proceeds from the sale of the shares offered.

Through private placements in July 2009 and April 2012, United Technologies acquired an approximately 12% ownership interest in Watsco in an effort to support the commercial relationship between the two companies. Since then, the relationship has strengthened with both Watsco and Carrier having achieved meaningful growth in sales and profitability.

Owning the stock of other publicly traded companies is not United Technologies' core business and, due to the potential impact of mark-to-market accounting beginning in 2018, United Technologies has decided to sell its shares of common stock in Watsco. The ongoing relationship between the two companies is not impacted by the proposed share offering and does not affect the parties' respective ownership interests in their three Carrier Enterprise joint ventures.

Story continues below ↓


advertisement | your ad here



"Watsco is Carrier's largest single customer and a valued business partner. Our long-standing business relationship is as strong today as ever, and Watsco continues to be an important part of our distribution network in the Americas," said Bob McDonough, President, UTC Climate, Controls & Security.

Goldman, Sachs & Co. and Baird will act as joint book-running managers for the offering. Watsco has previously filed an automatically effective shelf registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before making any investment decision, you should read the prospectus in that registration statement and other documents (including any preliminary prospectus supplement) Watsco has filed with the SEC for more complete information about Watsco and this offering.

Watsco intends to file a further prospectus supplement with respect to this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at: www.sec.gov. Copies of the prospectus supplement and accompanying prospectus relating to the offering, when available, also may be obtained from: Watsco, 2665 S. Bayshore Drive, Suite 901, Miami, Florida, 33133, Goldman, Sachs & Co., 200 West Street, New York, NY 10282, Attention: Prospectus Department (Tel: 212-902-1171) or Baird, Attention: Syndicate Department, 777 East Wisconsin Avenue, Milwaukee, WI 53202, or by email at syndicate@rwbaird.com, or by telephone at (800) 792-2473.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The proposed offering of these shares of common stock is being made only by means of a Watsco prospectus supplement and a related prospectus.

About United Technologies and Carrier. United Technologies Corp., based in Farmington, Connecticut, provides high technology systems and services to the building and aerospace industries. Carrier Corporation is a part of UTC Climate, Controls & Security, a unit of United Technologies Corp. Carrier is a world leader in high-technology, air-conditioning and refrigeration solutions.

About Watsco, Inc. Watsco is the largest independent distributor of air conditioning, heating and refrigeration equipment and related parts and supplies in the HVAC/R industry, currently operating 565 locations serving 88,000 customers in the United States, Canada, Mexico and Puerto Rico. Watsco's strategy provides the products, support and convenience that contractors require to satisfy the needs of homeowners and businesses that depend on the comfort and energy-efficiency provided by HVAC systems.
.

                                                      ###

HVAC Web Connection