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Eaton Reports Record Growth in Data Center Orders
Eaton Plc (NYSE: ETN) reported a significant 70% increase in orders from data centers during the third quarter of 2023, contributing to a record backlog of $12 billion in its Electrical Americas segment, which is a 20% year-over-year increase. The company has also acquired Boyd Thermal from Goldman Sachs Asset Management for $9.5 billion to strengthen its cooling solutions amid the rapid data center expansion.
The CEO Paulo Ruiz highlighted the sustained demand for Eaton’s electrical solutions and backlog growth driven by the data center segment. With forecasts estimating Boyd Thermal will generate $1.7 billion in sales next year, this acquisition aims to enhance Eaton’s capabilities in cooling systems essential for data centers and the aerospace market. The company is also expanding 12 facilities to increase manufacturing capacity in response to growing demand.
Key Data
- 70% increase in data center orders (Q3 2023)
- $12 billion backlog in Electrical Americas (20% YoY growth)
- $9.5 billion acquisition of Boyd Thermal
- Forecasted $1.7 billion in sales from Boyd Thermal in 2024
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