Eaton has announced the completion of its acquisition of the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management. Boyd Thermal is widely recognized for its expertise in thermal components, advanced cooling systems and ruggedized solutions serving industries such as data centers, aerospace and other high-performance markets.
The acquisition strengthens Eaton’s ability to address the rapidly growing demand for advanced thermal management technologies, particularly in data centers supporting artificial intelligence workloads. By integrating Boyd Thermal’s cooling technologies with Eaton’s power management portfolio, the company aims to deliver end-to-end solutions that span infrastructure-from power distribution to chip-level cooling.
“Boyd Thermal’s expertise in liquid cooling will enable us to continue to meet soaring AI-driven demand. We’ll deliver integrated solutions from grid to chip that boost reliability, speed deployments and create greater value for customers worldwide,” said Paulo Ruiz, Eaton chief executive officer. “We’re excited to welcome the Boyd Thermal team to Eaton and work together to meet the growing needs of our data center customers.”
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“We’re thrilled to be joining Eaton, combining our decades of thermal innovation with Eaton’s global scale and power management expertise,” said Doug Britt, chief executive officer, Boyd Corporation. “This positions Eaton to deliver integrated power and cooling solutions that meet the accelerating demands of AI. Together, we’ll deliver smarter, more reliable solutions for customers worldwide.”
Strengthening Global Thermal Management Capabilities
Boyd Thermal is a business operating globally with over 6,000 employees, with manufacturing operations across North America, Asia, and Europe. The company, which was founded as an industrial fabricator in 1928, has built upon its many years of experience in aerospace thermal management solutions before entering the data center, industrial, and high-end electronics markets.
Upon the acquisition, Boyd Thermal will become part of the Electrical Global business segment of Eaton. The acquisition is expected to be accretive to adjusted earnings the second year after the acquisition, reflecting the growth potential.
Supporting the Future of Electrification and Digital Infrastructure
As an intelligent power management company, Eaton Corporation is committed to helping its customers manage electrical power in a more efficient and sustainable way. The company offers solutions in various sectors such as data centers, utilities, industrial manufacturing, aerospace, mobility, and commercial infrastructure.
By combining Boyd Thermal’s advanced cooling expertise with Eaton’s global power management portfolio, the company aims to strengthen its role in supporting the growing demand for AI infrastructure, electrification and digital transformation, while continuing to address the world’s evolving energy and power management challenges.
