Description
Watsco is the largest distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry.
From 1973 to 1988 Watsco, under the leadership of its current CEO, Albert H. Nahmad, grew from US$5 million in revenues to US$25 million. In 1989, the company shifted its focus from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
By 1997, Watsco added other OEMs to the mix, and moved into commercial refrigeration, 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). Revenues increased from US$64.1 million in 1989 to US$5.1 billion in 2020 via a strategy of acquiring companies with established market position, and subsequently building revenues and profit through a combination of adding locations, products, services, and other initiatives.
Watsco's goal is to build a network of locations throughout North America, that provide the finest service, and product availability for HVAC/R contractors, assisting, and supporting them as they serve both homeowners, and businesses. Watsco has approximately 5,800 employees, assisting approximately 100,000 contractors and dealers working in turn, service, repair, or replace of HVAC/R systems in homes and businesses. As of December 31, 2020, the company operated out of 600 locations in 37 states of USA, in Canada, Mexico and Puerto Rico with additional export market to Latin America and the Caribbean.
Watsco is the only publicly trading HVAC/R distributor. The company's Common stock is traded under the symbol WSO on the New York Stock Exchange (NYSE). The company's Class B common stock is traded on the NYSE under the ticker symbol WSO.B. Albert Nahmad, Chairman and CEO, and Aaron Nahmad, President, control the company with 51% of the aggregate combined voting power.
