Westinghouse Air Brake Technologies Corporation (NYSE:WAB), also known as Wabtec, has announced a definitive agreement to acquire Evident’s Inspection Technologies division for $1.78 billion.
This acquisition is expected to augment Wabtec’s Digital Intelligence business by adding Evident’s expertise in Non-Destructive Testing and Remote Visual Inspection technologies.
“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,” said Rafael Santana, President and CEO of Wabtec.
The acquisition will expand Wabtec’s capabilities, particularly in rail, mining, and industrial sectors, while also entering into complementary markets.
Evident Inspection Technologies, headquartered near Boston, is known for its advanced automated inspection capabilities and is expected to generate approximately $433 million in revenue for 2024.
The transaction is slated for completion by the first half of 2025, pending customary closing conditions and regulatory approvals.