Boyd sells its thermal business to Eaton for $9.5 billion
Boyd Corporation has signed a definitive agreement to sell its Thermal business to Eaton for USD 9.5 billion. The transaction, expected to close in the second quarter of 2026, is subject to regulatory approval and other customary closing conditions.
Under the deal, Boyd’s Engineered Materials division, which provides sealing, shielding, and insulating technologies for high-performance applications, will remain an independent company. The business will continue operations with existing leadership, R&D, and customer support teams, backed by Goldman Sachs Alternatives.
The sale allows Boyd to focus on its Engineered Materials segment, where the company has positioned itself to pursue significant growth opportunities.
“This is a transformative day for the entire Boyd team, and I am confident that combining Eaton’s chip-to-grid power and Boyd’s Chip-to-AmbientTM cooling architectures will help accelerate the deployment of future AI datacenters,” said Doug Britt, Chief Executive Officer of Boyd, in a press release “Our Engineered Materials team will continue to accelerate the development of innovative solutions that address our customers’ engineering challenges across multiple rapidly growing end markets.”
“It has been an honor to help Doug and the team scale Boyd’s Thermal business, and we believe Eaton’s proven track record of driving portfolio-wide value creation will ensure the business is well-positioned for its next chapter of growth,” said Leonard Seevers, Partner in Private Equity at Goldman Sachs Alternatives. “We are also pleased to continue supporting the Boyd Engineered Materials team as they build upon their strong foundation to deliver even more innovative, customer-centric solutions across critical end markets.”
This divestiture will have no impact on Boyd Engineered Materials’ operations moving forward, as Boyd maintained segmented operations, leadership, R&D, sales and customer support teams.
