Boyd Sells Thermal Business to Eaton and Remains Independent

Boyd Corporation announced today that it has signed a definitive agreement to sell its thermal business unit to Eaton for $9.5 billion. The transaction is subject to customary closing conditions, including obtaining necessary regulatory approvals, and is expected to be completed in the second quarter of 2026.

Once this transaction is completed, Boyd's engineering materials business unit will continue to provide engineering solutions for high-performance applications in various industries and will operate as an independent company under the Boyd Corporation brand. Supported by Goldman Sachs Alternatives, Boyd will be able to pursue expansion opportunities in the engineering materials sector.

Boyd CEO Doug Britt stated that this is a transformative day for the entire Boyd team, expressing his belief that when Eaton's power management solutions are combined with Boyd's innovative cooling structures, the future artificial intelligence data centers can be rapidly deployed. The engineering materials team will continue to develop innovative solutions to address engineering challenges for its customers in rapidly growing markets.

Leonard Seevers, a private equity partner at Goldman Sachs Alternatives, expressed his honor in helping Boyd grow its thermal business and stated his belief that Eaton's proven track record of value creation across its portfolio will position the business well for its next growth phase. He also emphasized his satisfaction that Boyd's engineering materials team will continue to build on its strong foundations.

This divestiture will not affect the future operations of Boyd's engineering materials operations, as Boyd will continue to maintain its operations, leadership, research and development, sales, and customer support teams separately. Engineering materials customers will continue to receive the high-quality service they expect from Boyd.