On the Record · Eaton
Eaton acquisitions, on the record
The businesses Eaton bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.
Deals its annual reports describe
| Business | Deal | When | Value |
|---|---|---|---|
Tripp LiteWord for word“On March 17, 2021, Eaton acquired Tripp Lite for $ 1.65 billion, net of cash received.” 10-K for 2023 | acquisition | March 17, 2021 | $ 1.65 billion, net of cash received |
Green Motion SAWord for word“Green Motion SA was acquired for $ 106 million, including $ 49 million of cash paid at closing and an initial estimate of $ 57 million for the fair value of contingent future consideration based on 2023 and 2024 revenue performance.” 10-K for 2023 | acquisition | — | $ 106 million, including $ 49 million of cash paid at closing and an initial estimate of $ 57 million for the fair value of contingent future consideration based on 2023 and 2024 revenue performance |
50 % stake in HuanYu High TechWord for word“On March 29, 2021, Eaton acquired a 50 percent stake in HuanYu High Tech, a subsidiary of HuanYu Group that manufactures and markets low-voltage circuit breakers and contactors in China, and throughout the Asia-Pacific region.” 10-K for 2023 | acquisition | March 29, 2021 | — |
Mission SystemsWord for word“On June 1, 2021, Eaton acquired Mission Systems for $ 2.8 billion, net of cash received.” 10-K for 2023 | acquisition | June 1, 2021 | $ 2.8 billion, net of cash received |
50 % stake in Jiangsu YiNeng Electric's busway businessWord for word“On June 25, 2021, Eaton acquired a 50 percent stake in Jiangsu YiNeng Electric's busway business, which manufactures and markets busway products in China.” 10-K for 2023 | acquisition | June 25, 2021 | — |
Hydraulics businessWord for word“On August 2, 2021, Eaton completed the sale of the Hydraulics business to Danfoss A/S.” 10-K for 2023 | divestiture | August 2, 2021 | — |
Royal Power SolutionsWord for word“On January 5, 2022, Eaton acquired Royal Power Solutions for $ 610 million, net of cash received.” 10-K for 2023 | acquisition | January 5, 2022 | $ 610 million, net of cash received |
50 % stake in Jiangsu Huineng Electric Co., Ltd's circuit breaker businessWord for word“On July 1, 2022, Eaton acquired a 50 percent stake in Jiangsu Huineng Electric Co., Ltd's circuit breaker business, which manufactures and markets low-voltage circuit breakers in China.” 10-K for 2023 | acquisition | July 1, 2022 | — |
49 % stake in Jiangsu Ryan Electrical Co. Ltd.Word for word“On April 23, 2023, Eaton acquired a 49 percent stake in Jiangsu Ryan Electrical Co. Ltd., a manufacturer of power distribution and sub-transmission transformers in China.” 10-K for 2023 | acquisition | April 23, 2023 | — |
ExerthermWord for word“On May 20, 2024, Eaton acquired Exertherm, a U.K.-based provider of thermal monitoring solutions for electrical equipment.” 10-K for 2024 | acquisition | On May 20, 2024 | — |
49 % stake in NordicEPOD ASWord for word“On May 31, 2024, Eaton acquired a 49 percent stake in NordicEPOD AS, which designs and assembles standardized power modules for data centers in the Nordic region.” 10-K for 2024 | acquisition | On May 31, 2024 | — |
Fibrebond CorporationWord for word“On April 1, 2025, Eaton acquired Fibrebond Corporation (Fibrebond) for $ 1.43 billion, net of cash acquired.” 10-K for 2025 | acquisition | On April 1, 2025 | $ 1.43 billion, net of cash acquired |
Resilient Power Systems Inc.Word for word“Resilient was acquired for $ 86 million, including $ 55 million of cash paid at closing and an initial estimate of $ 31 million for the fair value of contingent future consideration based on 2025 through 2028 revenue performance and achievement of technology-based milestones.” 10-K for 2025 | acquisition | — | $ 86 million |
Boyd ThermalWord for word“On November 2, 2025, Eaton signed an agreement to acquire Boyd Thermal, a U.S. based global leader in thermal components, systems, and ruggedized solutions for data center, aerospace and other end-markets.” 10-K for 2025 | agreed acquisition | On November 2, 2025 | — |
Ultra PCS LimitedWord for word“On January 23, 2026, Eaton acquired Ultra PCS Limited (Ultra PCS) for $ 1.53 billion, net of cash acquired.” 10-K for 2025 | acquisition | On January 23, 2026 | $ 1.53 billion, net of cash acquired |
| Fiscal year ended | Cash paid for acquisitions (net of cash acquired) | Cash received from selling businesses | Goodwill from acquisitions |
|---|---|---|---|
| 2016-12-31 | −$1 million | $0 | — |
| 2017-12-31 | $0 | $607 million | — |
| 2018-12-31 | $0 | $0 | — |
| 2019-12-31 | $1.18 billion | $36 million | $605 million |
| 2020-12-31 | $200 million | — | $119 million |
| 2021-12-31 | $4.5 billion | — | $2.15 billion |
| 2022-12-31 | $610 million | — | $445 million |
| 2023-12-31 | $0 | — | — |
| 2024-12-31 | $50 million | — | $17 million |
| 2025-12-31 | $1.49 billion | — | $581 million |
Deal filings since 2016
- 2026-02-06 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
- 2025-09-29 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
- 2022-10-07 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
- 2021-10-08 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
- 2020-01-27 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
Read from Eaton’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-26. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.