Expands Eaton's presence in growing market for modular solutions for multi-tenant and hyperscale data center customers
Acquisition provides differentiated offering in fast-growing markets

Intelligent power management company Eaton (NYSE:ETN) today announced it has completed the acquisition of Fibrebond, a designer and builder of pre-integrated modular power enclosures. Under the terms of the agreement, Eaton paid $1.4 billion for Fibrebond, which is expected to generate $110 million of estimated 2025 adjusted EBITDA. Eaton expects the deal will be neutral from an earnings per share standpoint in 2025.

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Fibrebond's single electrical module unit

"Acquiring Fibrebond's innovative and customer-focused business is a game-changing move that positions Eaton as a one-stop shop to rapidly deploy power infrastructure where it's needed," said Mike Yelton, president, Americas Region, Electrical Sector. "Their engineered-to-order power enclosures and service capabilities enhance our offerings, allowing us to move faster for our data center, industrial, utility and other customers. We couldn't be more excited to add this critical capability for our customers in these growth markets."

Fibrebond, based in Minden, Louisiana, builds innovative and reliable structures that protect people and mission-critical equipment for data center, fiber, industrial, and utility markets. The company estimates revenues of approximately $378 million for the 12 months ending February 28, 2025.

Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power — today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we're helping to solve the world's most urgent power management challenges and building a more sustainable society for people today and generations to come.

Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of nearly $25 billion in 2024, the company serves customers in more than 160 countries. For more information, visit www.eaton.com. Follow us on LinkedIn.

This press release contains forward-looking statements concerning, among other matters, the estimated financial performance of Fibrebond for 2025 and the transaction's impact on Eaton's expected 2025 earnings per share. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside Eaton's control. The following factors, among others, could cause actual results to differ materially from those in the forward-looking statements: potential global pandemics; unanticipated declines in the markets for Eaton's or Fibrebond's business segments; unanticipated downturns in either Eaton's or Fibrebond's customer relationships or customer purchases; competitive pressures on sales and pricing; supply chain disruptions; unanticipated, non-recoupable increases in the cost of material, labor and other production costs; competitor, customer, or supplier introduction of disruptive or competing technologies; unexpected technical or marketing difficulties; unexpected or adverse determinations with respect to claims, charges, audits, investigations, court or administrative proceedings, litigation, arbitrations, judgments, or dispute resolutions; strikes or other labor unrest, or at our customers or suppliers; attrition of key personnel; challenges to optimizing manufacturing footprint; challenges to the performance and integration of any recent acquisitions, including Fibrebond; unanticipated difficulties closing any acquisitions; unexpected difficulties completing any divestitures; the effect, interpretation, or application of new or existing laws, regulations, legal proceedings, or accounting pronouncements impacting Eaton's business segments; tariffs; interest rate changes; stock market and currency fluctuations; geo-political tensions, war, civil or political unrest or terrorism; and unanticipated deterioration of economic and financial conditions in the United States and globally. We do not assume any obligation to update these forward-looking statements.

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Jennifer Tolhurst

+1 (440) 523-4006

jennifertolhurst@eaton.com

Eaton completes acquisition of Fibrebond