Boyd Thermal's leading-edge liquid-cooling solutions boost Eaton's leadership position as an end-to-end solution provider to data center customers around the world
Proven engineering and customer-driven development expertise will further enable Eaton to support rapid, reliable deployments
Critical capabilities in aerospace thermal management technology augment Eaton's solutions

Intelligent power management company Eaton (NYSE:ETN) today announced it has completed the acquisition of the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management. Boyd Thermal is a leader in thermal components, systems and ruggedized solutions for data centers, aerospace and other end markets.

"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," said Paulo Ruiz, Eaton chief executive officer. "We're excited to welcome the Boyd Thermal team to Eaton and work together to meet the growing needs of our data center customers."

"We're thrilled to be joining Eaton, combining our decades of thermal innovation with Eaton's global scale and power management expertise," said Doug Britt, chief executive officer, Boyd Corporation. "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."

Boyd Thermal is a global business based in the U.S., with more than 6,000 employees and manufacturing sites across North America, Asia and Europe. With its start as an industrial fabricator in 1928 and decades-long history as an aerospace thermal management supplier, today the Boyd Thermal business serves data center, industrial, aerospace and other markets.

Eaton expects Boyd Thermal to be accretive to adjusted earnings in year two after closing. Boyd Thermal will be reported within the Electrical Global business segment. Learn more at Eaton.com/boydthermal.

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 and institutional, 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 $27.4 billion in 2025, the company serves customers in 180 countries. For more information, visit www.eaton.com. Follow us on LinkedIn.

This press release contains forward-looking statements concerning, among other matters, the integration of Boyd Thermal and its impact on Eaton's segment results. These statements are not guarantees of future performance, and actual results may differ materially. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside of our control. The following factors could cause actual results to differ materially from those in the forward-looking statements: risks related to the ability to realize the anticipated benefits of the proposed acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; disruptions by natural disasters, labor strikes, wars, geopolitical instability and/or conflict, political unrest, terrorist activity, economic upheaval, or public health concerns that impact our production facilities; significant inflation or shortages of raw materials, energy, components, and/or labor, or similar challenges for our customers; reliance on suppliers to provide raw materials, components and services; the development and use of artificial intelligence in our business operations; service interruptions, data corruption, loss or impairment, network security and related operational impacts due to cybersecurity attacks; weather disruptions and regulatory, market and social reactions to such disruptions; our ability to identify, attract, develop, engage and retain qualified employees; stock price and end market impacts due to technology disruptions; volatility of end markets; continued successful research, development and marketing of new or improved products; geopolitical, economic or other risks arising from worldwide or regional economic conditions; the global nature of Eaton's business and exposure to economic and political instability, including war or armed conflict, changes in governmental laws, regulations and policies; changes in countries' trade policies, including the imposition of sanctions or tariffs; changes in our tax rates or tax laws and regulations applicable to our business; rules, regulations, audits and investigations and related compliance risks associated with being a governmental contractor; our ability to protect our intellectual property; litigation and environmental regulations impacting our business; and the other risk factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed with the U.S. Securities and Exchange Commission. We disclaim any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.

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Jennifer Tolhurst

+1 (440) 523-4006

jennifertolhurst@eaton.com

Eaton completes acquisition of leading liquid-cooling solutions provider Boyd Thermal, creating an industry-leading grid-to-chip solution for data centers