Air conditioning, heating and refrigeration equipment company Watsco Inc. said Wednesday it agreed to form a joint venture with Farmington-based Carrier Corp.’s heating and air conditioning distribution network in the northeastern U.S., The Associated Press reports.
The deal gives Miami-based Watsco access to Carrier’s network of 28 locations in 11 states that had $210 million in sales last year.
Under the deal, which is expected to close within 45 days, Watsco will own 60 percent of the venture and Carrier will hold 40 percent.
Watsco will contribute its northeastern U.S. locations in New York, New Jersey and New England, which had revenue of about $60 million last year.
Further terms were not disclosed.
Carrier’s northeast network is in New York, New Jersey, Connecticut, Rhode Island, Massachusetts, New Hampshire, Vermont, Maine and parts of Ohio, Pennsylvania and West Virginia. It sells Carrier, Bryant and Payne brand systems as well as parts.
Carrier is a division of United Technologies Corp. in Hartford.
