Pittsburgh-based Wabtec Corp., a equipment, systems, digital solutions and services provider for the freight and transit rail industries, recently signed an agreement to purchase Boston, Mass.-based Evident’s Inspection Technologies division for $1.78 billion.
The purchase will allow Wabtec to expand its product portfolio by adding advanced automated inspection capabilities; leverage Wabtec’s extensive software development expertise, engineering depth and focus on operational excellence; and double the size of its Digital Intelligence business total addressable market from approximately $8 billion to $16 billion.
“I am incredibly excited to partner with Evident’s talented Inspection Technologies team to further enhance our presence in key markets and applications,” Nalin Jain, Wabtec Digital Intelligence Group president, said. “Together, we will drive profitable growth, lead in customer value and innovation, and maximize value creation. Inspection Technologies will augment our existing offerings in the rail, mining and industrial sectors while broadening our reach into other high growth, high margin complementary sectors.”
Evident’s Inspection Technologies division provides remote visual inspection, inspects mission-critical assets and infrastructure with nondestructive testing, and provides analytical instruments for maintenance, manufacturing, and environmental applications.
The deal is expected to close by the end of the first half of the year and is subject to customary closing conditions and regulatory approvals.