BOCA RATON, FLA. -- Boyd Corporation (“Boyd”), the trusted global innovator in engineered materials and thermal solutions, 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-Ambient™ 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.