Boyd To Sell Its Thermal Business To Eaton For $9.5 Bln

Goldman Sachs

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(RTTNews) - Boyd Corp., the innovator in engineered materials and thermal solutions, announced Monday that it has signed a definitive agreement to sell its Thermal business to Eaton Corp. (ETN), 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 Corp. 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 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. Its customers will continue to receive the same high-quality service they have come to expect from Boyd.