# Carrier and Watsco JV to acquire Temperature Equipment Corporation

Carrier announced a joint venture with Watsco to acquire Temperature Equipment Corporation (TEC), the largest Carrier distributor in the Midwest. Watsco will own 80% and Carrier 20% of the venture.

- Type: Acquisition
- Announced: 2021-03-16
- Where: Chicago, Illinois, United States
- Value: $291.0M
- Status: announced
- Products: HVAC equipment (Carrier, Bryant, Payne brands)
- Sectors: [HVAC and Industrial Refrigeration](https://endata.com/sectors/hvac-refrigeration.md)

## Companies

- [Watsco](https://endata.com/companies/1634.md) (acquirer)
- [Carrier Global Corporation](https://endata.com/companies/7380.md) (acquirer)
- [Carrier Global Corporation](https://endata.com/companies/7380.md) (partner)
- [Temperature Equipment Corporation](https://endata.com/companies/53843.md) (target)

## Sources

- [corporate.carrier.com](https://www.corporate.carrier.com/news/news-articles/carrier-jv-to-acquire-temperature-equipment-corporation-largest-carrier-distributor-in-the-midwest.html), 2021-03-16: "This acquisition aligns with Carrier Global's established plan to execute strategic bolt-on M&A and we are excited to extend our long-term relationships with TEC and Watsco."
- [nasdaq.com](https://www.nasdaq.com/press-release/carrier-jv-to-acquire-temperature-equipment-corporation-largest-carrier-distributor), 2021-03-16: "This acquisition aligns with Carrier Global's established plan to execute strategic bolt-on M&A and we are excited to extend our long-term relationships with TEC and Watsco."
- [globenewswire.com](https://www.globenewswire.com/news-release/2021/03/16/2193575/0/en/Watsco-to-Acquire-Temperature-Equipment-Corporation-291-Million-Chicago-Based-HVAC-Distributor.html), 2021-03-16: "Watsco, Inc. and Carrier Global Corp. announced today that they have signed an agreement to acquire Temperature Equipment Corporation (TEC)."
- [prnewswire.com](https://www.prnewswire.com/news-releases/carrier-jv-to-acquire-temperature-equipment-corporation-largest-carrier-distributor-in-the-midwest-301247788.html), 2021-03-16: "This acquisition aligns with Carrier Global's established plan to execute strategic bolt-on M&A and we are excited to extend our long-term relationships with TEC and Watsco."
- [watsco.com](https://www.watsco.com/newsitem/watsco-to-acquire-temperature-equipment-corporation-291-million-chicago-based-hvac-distributor/), 2021-03-16: "TEC marks Watsco’s first entry into the U.S. Midwest."
- [watsco.com](https://www.watsco.com/newsitem/watsco-completes-acquisition-of-temperature-equipment-corporation/), 2021-04-12: "We have deep respect and admiration for TEC's legacy and long record of success."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.