Eaton to purchase Boyd Thermal for $9.5 billion

Eaton Corporation announced November 3 it had signed an agreement to purchase Boyd Thermal from Boyd Corporation for $9.5 billion. In a statement, the industrial power management company said Boyd Thermal’s liquid cooling business would combine well with Eaton’s existing power supply operations.

According to a joint statement, Boyd Thermal has forecast $1.7 billion in sales for 2026, of which $1.5 billion is forecast for its liquid-cooling systems. The thermal-management company also sells ruggedized thermal systems for aerospace and other markets.

What people are saying

“Bringing together Boyd Thermal’s highly-engineered liquid cooling technology and global service model with Eaton’s existing products and scale will provide enhanced value to customers,” said Paulo Ruiz, CEO of Eaton. “In data centers particularly, our combined expertise in both power and liquid cooling from the chip to the grid will enable customers to manage increasing power demands more effectively.”

“We are looking forward to joining forces with Eaton. Our decades of expertise in liquid cooling, combined with Eaton’s premier positioning in intelligent power management, will deliver innovation in scaling and efficiency to address the high-power demand of AI data centers,” said Doug Britt, Boyd Thermal CEO. “Together, our teams will offer a winning value proposition for our customers.”

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