Boyd Announces Sale of its Thermal Business to Eaton for $9.5 Billion
Boyd Engineered Materials to Operate as an Independent Company Following Deal Close
Sale Positions Boyd to Continue to Scale its Engineered Materials Business with Opportunities in Rapidly Growing Markets
Transaction Expected to Close in 2Q of 2026
Boyd Corporation ("Boyd"), the trusted global innovator in engineered materials and thermal solutions, today announced that it has signed a definitive agreement to sell its Thermal business to Eaton, an intelligent power management company, for $9.5 billion. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals, and is expected to close in the second quarter of 2026.
Upon transaction close, Boyd's Engineered Materials business, which delivers advanced technologies that seal, shield, and insulate high performance applications across the industries it serves, will continue to operate as an independent company under the Boyd Corporation brand and continue to be backed by Goldman Sachs Alternatives.
Boyd is positioned to pursue significant growth opportunities for its Engineered Materials business, where it has built a leadership position through deep material science expertise, proprietary manufacturing technologies, and long-standing customer relationships in mission-critical applications.
"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. "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. With the continued support of our partners at Goldman Sachs, Boyd Engineered Materials can build on its market leading position and drive additional growth across our business."
"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. Engineered Materials' customers will continue to receive the same high-quality service they have come to expect from Boyd.
Advisors
Goldman Sachs & Co. LLC acted as lead financial advisor with J.P. Morgan Securities LLC also serving as financial advisor to Boyd Corporation and affiliates of Goldman Sachs. Davis Polk & Wardwell LLP is serving as legal counsel to Boyd.
About Boyd
Boyd is the trusted global innovator of sustainable solutions that make our customers' products better, safer, faster, and more reliable. Our innovative engineered materials and thermal solutions advance our customers' technology to maximize performance in the world's most advanced data centers; enhance reliability and extend range for electric and autonomous vehicles; advance the accuracy of cutting-edge personal healthcare and diagnostic systems; enable performance-critical aircraft and security technologies; and accelerate innovation in next-generation electronics and human-machine-interface. Core to Boyd's global manufacturing is a deep commitment to protecting the environment with sustainable, scalable, lean, strategically located regional operations that reduce waste and minimize carbon footprint. We empower our employees, develop their potential, and inspire them to do the right things with integrity and accountability to champion our customers' success.
About Private Equity at Goldman Sachs Alternatives
Goldman Sachs (NYSE:GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.5 trillion in assets under supervision globally as of September 30, 2025. Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $75 billion since inception. The business combines a global network of relationships, unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios.
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