Wabtec Corporation (NYSE: WAB) announced that it has entered into a definitive agreement to acquire Evident's Inspection Technologies business (Inspection Technologies), which was formerly part of Olympus Corporation's Scientific Solutions Division. Olympus is a global leader in non-destructive testing, remote visual inspection, and analytical instrumentation solutions for mission-critical assets. Wabtec has agreed to acquire Evident's Inspection Technologies business for $1.78 billion (approximately $1.68 billion net of tax benefits), subject to customary closing adjustments.
„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,” said Nalin Jain, President of Wabtec’s Digital Intelligence Group.
Inspection Technologies expands Wabtec's capabilities by adding advanced automated inspection capabilities. It advances technology in an area where data acquisition, analysis and automation are critical. In addition, Wabtec's extensive software development expertise, engineering depth and focus on operational excellence will be leveraged to deliver superior solutions to customers through the integration of Inspection Technologies into Wabtec.
Evident’s Inspection Technologies division is expected to achieve approximately $433 million in revenue for calendar year 2024, with EBITDA of approximately $112 million, translating to a margin of 25.9%. This acquisition expands the growth opportunities for Wabtec's Digital Intelligence business, effectively doubling the size of its total addressable market (TAM) from approximately $8 billion to $16 billion. It also enhances Wabtec's ability to deliver innovative solutions to a broader range of customers.
