America’s largest air-conditioning system company: Watsco (WSO) (1945)

Wasco Corporation Watsco Inc. (NYSE: WSO) was founded in 1945 and is headquartered in Miami, Florida, with 5,000 full-time employees. It is the largest air-conditioning system company in the United States. Together with its affiliates, it is located in the United States, Canada, Mexico and Puerto Rico Distribution of air-conditioning, heating and cooling equipment and related accessories.

Watsco Inc Logo

Watsco Inc. (WSO):

Watsco, Inc. is the largest distributor of air-conditioning, heating and cooling equipment and related accessories and consumables (HVAC/R) in the United States. The company provides equipment including: outdoor central air-conditioning, gas stoves, electric stoves, oil stoves, commercial air-conditioning, heating equipment, Heating system, and other special equipment and components, including replacement compressors, fan coils, motors and other components, as well as thermostats, insulation materials, refrigeration, ventilation pipes, storage devices, sheet metal, tools, copper pipes, Supporting supplies such as tape and adhesive.

The products sold by Watsco mainly supply air conditioners, boilers and related parts and components; air circulation products, including pipes, insulation; control applications, including automatic thermostats, air handling systems, and refrigeration products.

History of Watsco Inc. (WSO):

  • In 1947, the company was established as part of the manufacturing division of Wagner Tool & Supply Corp.;
  • On July 14, 1956, Watsco, Inc. was formally established;
  • In 1963, Wasco became a publicly held company;
  • In 1968, Watsco, Inc. IPO was listed on the American Stock Exchange (now NYSE MKT LLC);
  • In 1969, Wasco merged with Sun Engineering;
  • In 1971, Watsco acquired Wabash Corp. in Chicago and Kesco Products in New York;
  • December 1972, Albert H. Nahmad (the former Grace (WR Grace and Company), Ernst & Young (Ernst & Young) employees) from the hands of founder William Wagner acquisition of a controlling stake in the company, company Yi Shuai, Albert became Chairman of the board, chairman and CEO;
  • In 1973, Wasco Corporation acquired Chicago Allin Manufacturing Company;
  • In 1974, Watsco acquired Mumma Tool & Die Company;
  • In 1977, Watsco acquired Clairol, Inc.’s Sybil Ives Division for US$275,000;
  • In 1977, Del Mar Engineering Co. was acquired;
  • In 1979, Rho Sigma, Inc. was acquired;
  • In 1981, it acquired Cam-Stat, Inc. in Los Angeles;
  • In 1982, the Professional Hair Care business unit was sold for 540,000 US dollars;
  • In 1982, Del Mar Engineering and Rho Sigma, Watsco’s Los Angeles subsidiaries, moved to Hialeah and became part of the Production Enterprises division;
  • In 1982, it purchased 8.5% equity of Florida Commercial Banks, Inc., a bank holding company, for US$3 million. In 1984, it was sold for US$8.6 million;
  • In 1984, the California Cam-Stat subsidiary moved to Hialeah;
  • In May 1988, Watsco acquired a temporary assistance and permanent placement service company-Dunhill Personnel System, Inc. (sold to ATS Group LLC in 2007). In the same year, the company’s revenue reached 22 million US dollars;
  • In 1989, Watsco acquired an 80% stake in Gemaire Distributors, Inc. (brand name Rheem), the largest distributor of central air-conditioning equipment in the United States, for US$17.1 million, and Rheem held the remaining 20%;
  • In 1990, Watsco acquired 50.5% of the shares of Heating & Cooling Supply, Inc., California’s largest independent distributor of heating and ventilation equipment, for US$16 million, and Rheem acquired the remaining 49.5%;
  • In 1991, Watsco’s revenue reached 169 million US dollars;
  • In 1996, Watsco bought out Rheem’s minority stakes in Gemaire, Heating & Cooling Supply, and Comfort Supply. All three brands became Watsco’s wholly-owned subsidiaries;
  • In early 1997, it acquired Coastline Distribution, Inc. from Inter-City Products Corporation for USD 21.7 million;
  • In January 1998, the company announced plans to sell its manufacturing business (only 10% of revenue, 1997)-Watsco Components, Inc., to focus on its distribution business. In the same year, it completed the sale to International Comfort Products Corporation;
  • In 1998, it acquired Kaufman Supply, Inc., a Georgia company;
  • In 1999, acquired two major distributors in the northeastern United States-Homans Associates, Inc. and Heat, Inc.;
  • In 1999, the company’s revenue was US$1.25 billion, making it the largest air-conditioning system distribution company in the United States;
  • In 2000, invested in;
  • In 2003, Pameco was acquired;
  • In 2005, acquired the largest distributor of Goodman Manufacturing-East Coast Metal Distributors, Inc.;
  • In 2007, acquired ACR Group, Inc. of Houston, Texas, USA for 240 million US dollars;
  • In 2009, it established a joint venture company with Carrier-Carrier Enterprise. Watsco invested 181 million US dollars to account for 60% of the equity, and at the same time obtained the right to purchase an additional 20% of the equity (in July 2012, it was acquired by 10%, and in July 2014, it was purchased by 10%. , Increase the shareholding ratio to 80%).
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