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(RTTNews) – Monday, Watsco, Inc. (WSO) announced an agreement to acquire The Granite Group, a diversified distributor of plumbing and HVAC products. The financial terms of the deal were not disclosed.
The acquisition is expected to deepen Watsco’s market position in the growing plumbing space as well as boost the company’s product diversification.
Following the acquisition, The Granite Group will operate as an independent business and will continue to be led by its existing management team, under the leadership of Bill Condron.
In pre-market hours, WSO was trading at $312.00, down 0.71 percent on the NYSE.
