Boyd Corp. Considers Sale of Thermal Management Business Amid Rising Demand for Air-Cooling Systems

Boyd Corp., a US-based engineering company backed by Goldman Sachs, is exploring the sale of its thermal management solutions business, which could be worth $5 billion or more. The company is working with advisers to gauge buyer interest in the asset, which is likely to appeal to industrial peers. The TMS business makes cooling systems for infrastructure such as data centers, which are seeking innovative ways to cool high-performance computers amid the AI boom. A sale would allow Boyd to focus on its engineered materials business.

Boyd Corporation, a US-based engineering company backed by Goldman Sachs, is exploring the sale of its thermal management solutions (TMS) business, which could be worth $5 billion or more. The company is working with advisers to gauge buyer interest in the asset, which is likely to appeal to industrial peers. The TMS business makes cooling systems for infrastructure such as data centers, which are seeking innovative ways to cool high-performance computers amid the AI boom.

The decision to sell the TMS business would allow Boyd to focus on its engineered materials business. The move is part of a strategic shift aimed at optimizing the company's portfolio and capitalizing on growth opportunities in its core competencies.

Boyd's recent expansions into multiple European countries, including Germany, Belgium, and the Czech Republic, have positioned the company to serve growing automotive, industrial, and technology markets. The company's participation in industry events such as The Battery Show Europe and its focus on battery thermal runaway prevention and liquid cooling for EV fast charge stations highlight its commitment to the expanding electric vehicle sector.

The potential sale of the TMS business comes at a time when Boyd is experiencing robust growth. As of August 2025, Boyd's annual revenue reached $5 billion. The company's strategic acquisitions, such as MBK Tape Solutions and Grando, have also showcased its growth through portfolio expansion and geographic reach, enabling cross-selling opportunities with complementary products in engineered materials and sealing solutions across multiple industries.

Boyd's advanced design and manufacturing tools, including SOLIDWORKS, ANSYS, and SAP, emphasize technological innovation. These tools can appeal to high-tech manufacturers seeking reliable, high-performance materials and systems for demanding applications.

Boyd's new Rack Emulator, launched in August 2025, validates liquid cooling system performance in AI data centers. The tool helps clients more safely and efficiently deploy liquid-cooled data centers, improving time to market. The Rack Emulator simulates the pressure drop and heat dissipation of a rack and uses automation to test coolant distribution units (CDUs) and facility cooling systems to validate thermal performance before connecting to data center IT equipment.

In conclusion, Boyd Corporation's potential sale of its TMS business is a strategic move aimed at optimizing its portfolio and capitalizing on growth opportunities in its core competencies. The decision reflects the company's commitment to innovation and its ability to adapt to the evolving needs of its clients in the high-tech and automotive sectors.

References:
[1] https://leadiq.com/c/boyd/5a1d89c124000024006314ef
[2] https://www.businesswire.com/news/home/20250827491684/en/Boyd-Launches-Rack-Emulator-to-Validate-Liquid-Cooling-System-Performance-for-AI-Infrastructure