Watsco history

1956: Watsco is founded in Hialeah, Florida.

In 1968, Watsco was listed on the NYSE MKT LLC, formerly known as the American Stock Exchange.

In 1969, Watsco merged with Sun Engineering and began its acquisition strategy.

In 1971, Watsco acquired Chicago-based Wabash Corp. and Kesco Products of New York.

The company came under the control of a new leader in December 1972, Albert H. Nahmad, when he acquired a controlling interest in the company from its founder, William Wagner.

The company acquired another manufacturing plant in 1973, Allin Manufacturing, and the next year snapped up Mumma Tool & Die Company.

In 1977, Watsco paid Clairol, Inc. approximately US$275,000 for its Sybil Ives Division, which included hair care products such as permanent waves, hair sprays, hair coloring, shampoos and conditioners.

Watsco ran the Professional Hair Care division, consisting of Sybil Ives and Winslow Manufacturing, Inc., until 1982.

In 1984, another California subsidiary, Cam-Stat, also moved to Hialeah so that Watsco's operations were not so far-flung.

By 1986, Chairman Nahmad was anxious to expand Watsco, which was flush with cash.

In May 1988, Watsco acquired a temporary help and permanent placement services firm called Dunhill Personnel System, Inc.

1989: The company acquires a majority interest in Gemaire.

Then in 1990, Watsco bought a 50.5% interest in Heating & Cooling Supply, Inc., the largest independent distributor of HVAC equipment and supplies in California.

By 1991 Watsco was bringing in $169 million, up from $22 million just three years earlier.

The Flash was manufactured by a Watsco subsidiary in Hialeah, and it was important because the Clean Air Act enacted in July 1992 prohibited the release of CFCs into the air.

By 1993, about three quarters of the company's revenues came from distribution.

1994: Watsco moves to the New York Stock Exchange.

In 1995, Watsco acquired Central Air Conditioning Distributors, Inc., a North Carolina Rheem distributor.

Then in early 1997, Watsco acquired Coastline Distribution, Inc. and purchased four additional operations from Inter-City Products Corporation for US$21.7 million.

With the distribution business growing so quickly, Watsco decided to sell off most of its manufacturing business in 1998.

In 1999, the company announced that it was ready to move into New England, which was new territory for Watsco.

Watsco reported sales of US$1.3 billion in 2000, up slightly from the previous year.

Revenues for 2001 shrank slightly yet Watsco still saw opportunities for future growth in the HVAC/R distribution market.

Nahmad first announced that he would spin off the division for a profit within a few years, but Dunhill continued to be a part of Watsco through late 2002.

It also acquired Goodman Manufacturing's largest distributor, East Coast Metal Distributors, Inc., in 2005 with 27 locations in the Southeast.

Watsco then acquired Houston-based ACR Group, Inc. in 2007, a public company with 54 locations throughout the Sun Belt and annual revenues of approximately US$240 million.

In July 2009, Watsco formed a joint venture (Carrier Enterprise I) with Carrier to distribute Carrier products throughout the United States Sun Belt, Latin America and the Caribbean.

The Carrier Enterprise joint venture resulted in an expansion of Watsco's revenues by approximately US$1.3 billion in 2010. “For its part, Carrier found a powerful new partner with extensive distribution expertise that would expand sales of its product lines.”

In July 2011, the company added Carrier's distribution operations in Mexico to the second joint venture.

In April 2012, Watsco formed a third joint venture, Carrier Enterprise III, with UTC Canada Corporation, an affiliate of Carrier, to distribute Carrier products from 35 locations throughout all of the provinces and territories in Canada.

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