Eaton announced it has completed the acquisition of Boyd Thermal, the thermal management business of Boyd Corporation, from Goldman Sachs Asset Management. The deal strengthens Eaton’s ability to deliver integrated power and cooling infrastructure for data centers as demand surges alongside the rapid expansion of artificial intelligence computing.
Boyd Thermal is known for its expertise in liquid-cooling technologies for managing heat in high-performance computing environments. The acquisition enables Eaton to offer a more comprehensive “grid-to-chip” solution for data center customers, integrating power management systems with advanced cooling technology to improve reliability and deployment speed.
Eaton said the addition of Boyd Thermal supports its strategy of meeting the growing infrastructure needs driven by AI workloads, which require increasingly dense computing systems and more efficient cooling solutions. Liquid cooling has become a key technology for hyperscale data centers and AI clusters, helping manage heat generated by advanced chips while improving energy efficiency.
Boyd Thermal operates globally and employs more than 6,000 people, with manufacturing facilities located across North America, Asia, and Europe. The company traces its origins to 1928 as an industrial fabricator and later developed deep expertise in aerospace thermal management before expanding into data center and industrial markets.
Following the acquisition, Boyd Thermal will operate within Eaton’s Electrical Global business segment. Eaton expects the transaction to become accretive to its adjusted earnings beginning in the second year after the deal closes.
The companies say combining Eaton’s power management capabilities with Boyd Thermal’s cooling technology positions the combined organization to address the accelerating demand for advanced data center infrastructure.
Founded in 1911, Eaton provides power management solutions across a wide range of industries, including utilities, aerospace, industrial manufacturing, commercial buildings, and mobility. The company reported revenue of $27.4 billion in 2025 and serves customers in 180 countries worldwide.
KEY QUOTES
“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. We’re excited to welcome the Boyd Thermal team to Eaton and work together to meet the growing needs of our data center customers.”
Paulo Ruiz, Chief Executive Officer, Eaton
“We’re thrilled to be joining Eaton, combining our decades of thermal innovation with Eaton’s global scale and power management expertise. 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.”
Doug Britt, Chief Executive Officer, Boyd Corporation
