US-based rail manufacturer Wabtec has agreed to acquire Evident’s Inspection Technologies division for $1.78bn.
The acquisition is expected to double Wabtec’s total addressable market from approximately $8bn to $16bn.
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Wabtec president and CEO Rafael Santana said: “The addition of Inspection Technologies aligns with our growth strategy to accelerate the innovation of scalable technologies, increase our installed base, expand high margin recurring revenues and continuously drive operational performance.”
With headquarters near Boston, the division is projected to generate approximately $433m in revenue for 2024.
Inspection Technologies has a global presence, with a geographically distributed sales force and four engineering and production facilities in North America and Japan. It employs over 1,300 people.
Wabtec expects the Inspection Technologies division to enhance the capabilities of the digital intelligence business by introducing advanced automated inspection capabilities, and drive technology in areas where data acquisition, analytics, and automation are increasingly important.
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By GlobalDataWabtec Digital Intelligence Group president Nalin Jain said: “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.”
Subject to customary closing conditions and regulatory approvals, the deal is expected to close by the end of the first half of 2025.
In December 2024, Wabtec acquired industrial heating solutions provider Bloom Engineering for $69m in cash.
As part of the transaction, Bloom Engineering is integrated into Wabtec’s Freight and Industrial Components Group.
