improve it or discuss these issues on the talk page . learn how and when to remove these template messages this article contains content that is written like an advertisement . please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view . march 2015 learn how and when to remove this template message this article relies too much on references to primary sources . please improve this by adding secondary or tertiary sources . march 2015 learn how and when to remove this template message learn how and when to remove this template message watsco inc. type public traded as nyse wso nyse wso.b industry hvac r distribution headquarters miami florida us number of locations 566 12 31 15 1 revenue us 4.1 billion 2015 2 number of employees 5 000 12 31 15 3 website www.watsco.com watsco inc. is the largest 4 distributor of air conditioning heating and refrigeration equipment and related parts and supplies hvac r 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 5 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 6 selling it to international comfort products corporation now part of carrier corporation carrier . revenues increased from us 64.1 million in 1989 to us 4.1 billion in 2015 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 . 7 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 5 000 8 employees assisting approximately 88 000 9 contractors and dealers who in turn service repair or replace hvac r systems in homes and businesses . at december 31 2015 the company operated from 566 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 . 10 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 nyse . 11 the company s class b common stock is traded on the nyse under the ticker symbol wso.b . albert nahmad chairman & ceo controls the company with 53 % 12 of the combined voting power . the company website is at www.watsco.com contents 1 key dates 2 company history 2.1 organization and development of the company 2.2 a small player through the 1970s 2.3 beginning to move in the 1980s 2.4 entry into hvac distribution 2.5 steady growth in the 1990s 2.6 improved operating efficiencies and continued growth in the 2000s 2.7 joint ventures with carrier corporation in the 2010s 3 growth of distribution operations 4 residential hvac distribution industry 5 business strategy 5.1 strategy in existing markets 5.2 acquisition strategy 6 operating philosophy 7 products 8 distribution and sales 9 customers and customer service 10 key suppliers 11 business units 11.1 baker distributing company 11.2 carrier enterprise 11.3 carrier enterprise mexico 11.4 carrier enterprise canada 11.5 east coast metal distributors 11.6 gemaire group 11.7 acdoctor 11.8 watsco ventures 12 references 13 external links key dates edit 1947 the company wagner tool & supply corp. is founded in new york 1956 watsco inc. incorporated in florida 1963 the company goes public 1968 watsco joins the american stock exchange 1972 albert h. nahmad becomes chairman president and ceo 1989 watsco acquires an 80 % interest in gemaire in florida and shifts focus to distribution 1990 the company acquires a 50.5 % interest in heating & cooling supply in california 1993 watsco acquires an 80 % interest in comfort supply in texas 1994 watsco moves to the new york stock exchange 1996 watsco purchases minority interests of gemaire heating & cooling & comfort supply 1997 the company acquires locations from carrier and icp ; enters refrigeration market 1998 watsco sells its manufacturing operation ; revenues reach us 1 billion 2005 the company acquires east coast metal distributors a distributor of goodman products 2009 watsco forms first joint venture with carrier corporation ; revenues reach us 2 billion 2011 the company enters mexico 2012 watsco enters canada and revenues exceed us 3 billion company history edit organization and development of the company edit watsco was organized in 1947 in new york as a parts manufacturer originally known as wagner tool & supply corp. watsco inc. was incorporated in florida on july 14 1956 and went public in 1963 . 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 . a small player through the 1970s edit after 1969 watsco bought several small companies in different industries and scattered locations . headquartered in hialeah florida an industrial area in greater miami the company operated principally in three industries in the 1970s 1 the manufacture of climate control components for the heating air conditioning and refrigeration industry ; 2 the manufacture of components for doors and windows in the building industry ; and 3 the production and sale of professional hair care products for the beauty salon industry . in 1971 watsco acquired chicago based wabash corp. and kesco products of new york . the company acquired allin manufacturing company in 1973 a chicago based manufacturer of specialty air conditioning components called sight glasses devices used to observe the clarity of refrigerants . 13 in 1974 the company bought mumma tool & die company . in 1977 watsco paid clairol inc. approximately us 275 000 14 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 a profile on watsco in florida trend magazine october 1992 15 the company s sales and earnings throughout the 1970s were characterized as unspectacular . the company in many ways fit the model of the corporate conglomerate that dominated that era with operations spread across several market segments hair care and air conditioning could hardly be more different . the company came under the control of a new leader in december 1972 16 albert h. nahmad when he acquired a controlling interest in the company from its founder william wagner . he became chairman president and chief executive officer and eventually took the company in a new direction . nahmad had a background both in business and in engineering . he earned a bachelor of science degree in mechanical engineering from the university of new mexico and a master of science degree in industrial administration from purdue university . he then worked for several years for the conglomerate w.r. grace & co. and for the accounting firm arthur young & co. now known as ernst & young . for several years under nahmad s leadership at watsco things did not look too different . the company continued to pick up smaller manufacturing firms including del mar engineering co. in 1977 rho sigma inc. in 1979 and cam stat inc. of los angeles in 1981 . 17 the company sold its professional hair care division in 1982 for us 540 000 18 nearly twice what it had paid for the clairol division five years earlier . in addition nahmad made several moves to strengthen watsco s operations . in 1982 watsco s los angeles based subsidiaries del mar engineering and rho sigma moved to hialeah where they became part of the production enterprises division . in 1984 another california subsidiary cam stat also moved to hialeah so that watsco s operations were not so far flung . the company also made a significant investment in 1982 buying an approximate 8.5 % interest in florida commercial banks inc. a bank holding company for approximately us 3 million . 19 two years later watsco sold its interest in the bank for approximately us 8.6 million . 20 beginning to move in the 1980s edit by the mid 1980s watsco s revenues had grown to approximately us 14 million . watsco s air conditioning business was doing well . the u.s. sun belt had seen a boom in housing in the 1970s as many people migrated south and watsco continued to thrive even as the boom flattened because it sold replacement parts . air conditioners used almost year round in the sun belt usually wore out within 8 10 years so the replacement cycle was in full swing in the 1980s even as new home construction slowed . by 1986 nahmad was anxious to expand watsco which had considerable cash to invest . nahmad made it known that he was looking for acquisitions and even took out an advertisement in the wall street journal asking people with companies to sell to contact him . 21 then watsco took an unexpected step . its first major acquisition of the mid 1980s was not related to its air conditioning business any more than hair care had been . in may 1988 watsco acquired a temporary help and permanent placement services firm called dunhill personnel system inc. dunhill had revenue of roughly us 21 million annually and personnel services was expected to be a high growth business . 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 2007 when it was sold to ats group llc . 22 in 1988 watsco revenues reached us 22 million . 23 entry into hvac distribution edit the real key to watsco s growth and the foundation that would be built upon thereafter came in 1989 when watsco invested in an air conditioning distribution business . in 1989 watsco bought 80 % of the largest distributor of central air conditioning equipment under the rheem brand name gemaire distributors inc. for us 17.1 million . 24 the other 20 % of the company was held by rheem . then in 1990 watsco bought a 50.5 % 25 interest in heating & cooling supply inc. the largest independent distributor of hvac equipment and supplies in california . watsco had planned to buy 80 % 26 of heating & cooling supply raising money through a public stock offering . iraq s invasion of kuwait and the possibility of war in the persian gulf flattened the stock market making watsco s stock offering virtually impossible and the company withdrew it . instead watsco settled for a smaller piece of heating & cooling supply paying approximately us 16 million for a 50.5 % interest . 27 rheem bought the remaining 49.5 % . the acquisition allowed watsco to double its share of the distribution market in southern california and arizona and company revenues shot up . by 1991 watsco s revenues had reached us 169 million . 28 steady growth in the 1990s edit a long term replacement cycle was underway in the sun belt for central air conditioners following the housing boom in the sun belt during the 1970s . watsco also grew by expanding into new high growth markets . it opened a location in las vegas in 1991 anticipating vigorous