Eaton completes acquisition of leading liquid-cooling solutions provider Boyd Thermal, creating an industry-leading grid-to-chip solution for data centers

Intelligent power management company Eaton today announced it has completed the acquisition of the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management. Boyd Thermal is a leader in thermal components, systems and ruggedized solutions for data centers, aerospace and other end markets.

“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.”

“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.”

Boyd Thermal is a global business based in the U.S., with more than 6,000 employees and manufacturing sites across North America, Asia and Europe. With its start as an industrial fabricator in 1928 and decades-long history as an aerospace thermal management supplier, today the Boyd Thermal business serves data center, industrial, aerospace and other markets.

Eaton expects Boyd Thermal to be accretive to adjusted earnings in year two after closing. Boyd Thermal will be reported within the Electrical Global business segment.