Boyd Completes the Sale of its Thermal Business to Eaton for $9.5 Billion

Boyd Positioned to Continue to Scale its Engineered Materials Business Operating as an Independent Company with Opportunities in Rapidly Growing Markets

BOCA RATON, Fla.--(BUSINESS WIRE)--Boyd Corporation (“Boyd”), the trusted global innovator in engineered materials and thermal solutions, today announced it has completed the sale of its Thermal business to Eaton, an intelligent power management company, for $9.5 billion as previously announced on November 3rd, 2025.

Boyd’s Engineered Materials business will now operate as an independent company backed by Goldman Sachs Alternatives. Boyd’s Engineered Materials business will continue to design and manufacture advanced technologies that seal, shield, insulate, and protect while enhancing the efficiency, reliability, and lifecycle of its customers’ products across secular growth markets.

Boyd is strategically positioned to continue to drive transformative growth through extensive material science expertise, advanced engineering, differentiated manufacturing technologies, and trusted customer partnerships.

“Boyd has captured high growth opportunities by delivering innovative, customer-centric solutions to critical, rapidly expanding markets like medical wearables, AI data centers, battery energy storage, low earth orbital satellites, and emerging markets such as robotics,” said Doug Britt, Chief Executive Officer of Boyd. “With the sale of our Thermal business, our leadership team is excited to transition their focus to the successful growth of our global Engineered Materials business.”

“Boyd exemplifies Goldman Sachs Alternatives’ commitment to backing strong businesses with excellent management teams in sectors with resilient long-term fundamentals,” said Leonard Seevers, Partner in Private Equity at Goldman Sachs Alternatives. “We are proud of the accomplishments of the entire team at Boyd’s Thermal business, and we are excited to continue supporting Boyd Corporation on its continued growth.”

This divestiture has no impact on Boyd’s Engineered Materials’ operations since historically, Boyd maintained segmented operations, leadership, R&D, sales and customer support teams between the Thermal and Engineered Materials businesses. Boyd’s Engineered Materials customers will continue to receive the same high-quality service they expect from 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 advance our customers’ technology to maximize performance in the world’s most advanced data centers; advance the accuracy of cutting-edge personal healthcare and diagnostic systems; enable performance-critical aircraft and security technologies; enhance reliability and extend range for intelligent mobility applications; 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.

Visit us at www.boydcorp.com