Profile

Watsco, Inc. is the largest distributor of air conditioning, heating and refrigeration equipment and related parts and supplies 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. Under the leadership of its current CEO, Albert H. Nahmad, from 1973 to 1988 Watsco 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 . Revenues increased from US$64.1 million in 1989 to US$4.5 billion in 2018 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 homeowners and businesses. Watsco has approximately 5,200 employees assisting approximately 90,000 contractors and dealers who in turn, service, repair or replace HVAC/R systems in homes and businesses. At December 31, 2018, the company operated from 571 locations in 37 U.S. states, Canada, Mexico and Puerto Rico with additional market coverage on an export basis to Latin America and the Caribbean. Watsco is the only publicly traded HVAC/R distributor. The company's Common stock is traded under the symbol WSO on the New York Stock Exchange . The company's Class B common stock is traded on the NYSE under the ticker symbol WSO.B. Albert Nahmad, Chairman and CEO, controls the company with 52% of the combined voting power.