AcquisitionsJul 31, 2026, 12:23 PM
Eaton Acquires Boyd Thermal for $9.55B; Plans Mobility Spin-off
AI Summary
Eaton reported strong net sales growth for the second quarter and first six months of 2026, reaching $8.53 billion and $15.98 billion respectively, driven by significant acquisitions. However, net income attributable to ordinary shareholders and diluted EPS decreased compared to the prior year, likely influenced by increased interest expense and acquisition-related costs. The company completed major acquisitions of Boyd Thermal for $9.55 billion and Ultra PCS Limited for $1.53 billion, and announced plans to separate its Mobility business through a Reverse Morris Trust transaction with Dana Incorporated.
Key Highlights
- Acquired Boyd Thermal for $9.55 billion, net of cash acquired, in March 2026.
- Acquired Ultra PCS Limited for $1.53 billion, net of cash acquired, in January 2026.
- Announced intention to separate Mobility business via spin-off and combine with Dana in a Reverse Morris Trust transaction.
- Net sales for Q2 2026 increased to $8.53 billion from $7.03 billion in Q2 2025.
- Net income attributable to ordinary shareholders for Q2 2026 was $821 million, down from $982 million in Q2 2025.
- Diluted EPS for Q2 2026 was $2.11, compared to $2.51 in Q2 2025.
- Issued $8.5 billion in 2026 U.S. Notes and €1.2 billion ($1.39 billion) in 2026 Euro Notes.
- Declared cash dividends of $1.10 per ordinary share for Q2 2026, up from $1.04 in Q2 2025.
Price Impact
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