Eaton's electrical backlog jumps 46% as it agrees to buy Europe's COL Group
What's the deal? Eaton has agreed to acquire COL Group, a European supplier of medium-voltage electrical distribution solutions, in a deal the company said would expand its manufacturing capacity across Europe. The agreement, announced alongside Eaton's third-quarter 2026 results, landed as the company reported 46% year-on-year growth in its Electrical backlog.
Why now? Demand for power infrastructure is surging, driven heavily by data centres. Eaton's 12-month rolling average of organic orders rose 39% in Electrical Americas and 51% in Electrical Global, with both segments hitting record order values.
What's the endgame? COL Group adds medium-voltage capacity aimed at data centre and utility customers. "We are continuing to expand capacity to meet customer demand and support investment in critical power infrastructure," chief executive officer Paulo Ruiz said. The deal follows Eaton's earlier, much larger Boyd Thermal acquisition.
By the numbers: Group sales reached $8.9 billion, up 28% from the third quarter of 2025, including 19% organic growth and an 8% contribution from acquisitions. Operating cash flow hit $1.31 billion and free cash flow $1.03 billion. Eaton raised its 2026 organic-growth outlook to 13–15%.
What could go wrong? A backlog is not revenue. Converting record orders into sales depends on delivery capacity, so the demand may not fully translate on Eaton's timeline.
The signal: Eaton is not alone. GE Vernova reported its Electrification equipment backlog up 60% year on year in the same quarter, while Schneider Electric cited triple-digit data-centre growth. The backlog surge — and Eaton's bolt-on buying — points to an industry racing to build out the power grid behind the AI and data-centre boom.
Read more: switchgear-magazine.com
