NEW YORK & PARIS--(BUSINESS WIRE)--Watsco, Inc. (NYSE:WSO) (Paris:WSO) today celebrated its Fast Path cross-listing on NYSE Euronext in Paris as the ninth NYSE-listed company to take advantage of this convenient and cost-effective process made available by NYSE Euronext.
Watsco, Inc., based in Miami, Florida, is the largest provider of air conditioning and heating products with revenues of over US$2.6 billion and a compounded 10-year annual growth rate in earnings per share of 15%. Watsco’s strategy is to expand the size and scope of its network through a combination of adding products, locations and markets to its existing industry leading position.
“We have a long-standing valued partnership with Watsco and welcome the company’s decision to extend its NYSE listing onto NYSE Euronext in Paris,” said Dominique Cerutti, President and Deputy Chief Executive Officer, NYSE Euronext. “This cross-listing will give the company a highly visible global presence that will benefit Watsco and its shareholders across multiple continents and time zones.”
“We are pleased to be expanding Watsco’s visibility to investors in the European market. We believe our industry leading position, our long established track record of building shareholder value and the on-going opportunities to grow our company are all attractive fundamentals,” added Albert H. Nahmad, Watsco’s President and Chief Executive Officer.
This listing on NYSE Euronext in Paris will not alter Watsco’s share count, capital structure, or listing on the New York Stock Exchange, where Watsco also trades under the symbol “WSO.”
“We welcome Watsco as the ninth Fast Path listing onto NYSE Euronext’s European market,” said Ronald Kent, Head of International Listings, NYSE Euronext. “Watsco’s listing on NYSE Euronext in Paris will help garner additional visibility and provide greater access to Watsco’s shares among European market participants.”
A total of 48 companies are currently cross-listed on both NYSE and NYSE Euronext.
Background about NYSE Euronext’s Fast Path listing:
The Fast Path listing enables US-listed, non-EU companies to use their existing filings with the SEC for a listing on NYSE Euronext’s European markets, with or without a simultaneous capital raising.
Notes to Editors:
1. Background about Cross-Listing on NYSE Euronext European markets
- NYSE Euronext is the first and only exchange group to offer a truly global cross-market listing, trading and visibility platform, providing cost-effective, convenient access to investors and business partners in the US and in Europe.
- NYSE Euronext is the first exchange group to offer companies the ability to trade and raise capital in € and $ and reach investors and constituents directly across continents and multiple time zones, regions and countries.
- Valuable for any company looking to enhance its global profile, support an international business or expand its non-US investor base, a Fast Path listing provides an easy, cost-effective way to gain a European trading presence. Euronext regulators accept documentation, previously filed with the SEC, to meet the EU Prospectus Directive. With Fast Path, a company avoids the need to draft and translate a separate prospectus in order to be admitted to trading. Documents filed with the SEC serve as the primary component to obtain approval from the competent Euronext regulator. The SEC documentation is combined with a summary “wrapper”, addressing any additional European and local requirements, forming the company’s European prospectus.
About Watsco, Inc. (NYSE and NYSE Euronext: WSO)
Watsco improves indoor living and working environments with air conditioning and heating solutions that provide comfort regardless of the outdoor climate. Our solutions also promote healthier indoor spaces by removing pollutants from the indoor air that can lead to asthma, allergies and reductions in productivity. As the industry leader with over 500 locations in the United States and Puerto Rico, with additional market coverage on an export basis to parts of Latin America and the Caribbean, significant growth potential remains given that our current revenue run-rate is less than 10% of the estimated $30 billion United States market for HVAC/R products. Additional information about Watsco may be found on http://www.watsco.com.
This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Watsco management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watsco's industry, seasonal nature of sales of Watsco's products, insurance coverage risks and final GAAP adjustments. Forward-looking statements speak only as of the date the statement was made. Watsco assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Detailed information about these factors and additional important factors can be found in the documents that Watsco files with the U.S. Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets – the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca – represent one-third of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euro next is in the S&P 500 index, and is the only exchange operator in the S&P 100 index and Fortune 500. For more information, please visit: http://www.nyx.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext’s plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext’s results to differ materially from current expectations include, but are not limited to: NYSE Euronext’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext’s reference document for 2009 ("document de référence") filed with the French Autorité des Marchés Financiers (Filed on April 22, 2010 under No. D.10-0304), 2009 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.