M&A Deal Summary

Eaton Acquires Boyd - Thermal business

On November 3, 2025, Eaton acquired manufacturer Boyd - Thermal business from Boyd for 9.5B USD

Acquisition Highlights
  • This is Eaton’s 7th transaction in the Manufacturing sector.
  • This is Eaton’s 2nd largest (disclosed) transaction.
  • This is Eaton’s 30th transaction in the United States.
  • This is Eaton’s 2nd transaction in California.

M&A Deal Summary

Date 2025-11-03
Target Boyd - Thermal business
Sector Manufacturing
Buyer(s) Eaton
Sellers(s) Boyd
Deal Type Divestiture
Deal Value 9.5B USD

Target

Boyd - Thermal business

Pleasanton, California, United States
Boyd - Thermal business includes advanced cooling technologies, liquid cooling systems, and thermal management solutions. Boyd's Thermal business is based in Pleasanton, California.

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Buyer(S) 1

Buyer

Eaton

Dublin, Ireland

Category Company
Founded 1911
Sector Electrical Equipment
Employees94,443
Revenue 24.9B USD (2024)
DESCRIPTION
Eaton's operational headquarters in Beachwood, Ohio.
Eaton's operational headquarters in Beachwood, Ohio.

Eaton is a diversified power management company specializing in electrical, aerospace, hydraulic, and vehicle technologies. Eaton offers a broad portfolio of solutions designed to address the complex challenges of modern industries and infrastructure. Their products encompass a wide range, including electrical distribution and control equipment, energy management systems, aerospace components and systems, hydraulic systems and services, and automotive drivetrain and powertrain systems. Eaton was founded in 1911 and is based in Dublin, Ireland.


DEAL STATS #
Overall 62 of 62
Sector: Manufacturing M&A 7 of 7
Type: Divestiture M&A Deals 18 of 18
State: California M&A 2 of 2
Country: United States M&A 30 of 30
Year: 2025 M&A 3 of 3
Size (of disclosed) 2 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-16 Resilient Power

Georgetown, Texas, United States

Resilient Power is a developer and manufacturer of innovative energy solutions, including solid-state transformer-based technology. Resilient Power is headquartered in Georgetown, Texas.

Buy -

Seller(S) 1

SELLER

Boyd

Pleasanton, California, United States

Category Company
Founded 1996
Sector Manufacturing
DESCRIPTION

Boyd is a designer, manufacturer, marketer, and distributor of extruded, die-cut, and molded flexible rubber and plastic components and sealing systems for industrial applications. The business has a history of design and manufacturing innovation related to sealing systems and applications. Boyd was founded in 1996 and is based in Pleasanton, California.


DEAL STATS #
Overall 1 of 1
Sector: Manufacturing M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-16 MBK Tape Solutions

Chatsworth, California, United States

MBK Tape Solutions specializes in the manufacturing and development of innovative and complex multi-layered adhesive products that bond, mount, monitor and protect for stick to skin applications in the highly regulated medical industry. MBK Tape Solutions is based in Chatsworth, California.

Buy -