WABTEC has completed the acquisition of the Inspection Technologies division of Evident, strengthening its Digital Intelligence business unit through the addition of non-destructive testing, remote visual inspection and analytical instrument solutions for mission-critical assets.
The deal is worth $US 1.78bn and Wabtec says the acquisition helps accelerate its growth trajectory while meeting the increasing demand for advanced diagnostics technologies. It is expected to double the size of Wabtec’s addressable market from $US 8bn to $US 16bn.
“Inspection Technologies’ product portfolio strongly complements our existing digital technologies, while adding advanced automated inspection capabilities in a space where data acquisition, analytics, and automation are critical,” says Nalin Jain, president of Wabtec’s Digital Intelligence Group.
“It will accelerate the development of scalable technologies by integrating advanced analytics, sensors, and AI technology to deliver enhanced predictive maintenance capabilities to our customers.”
The transaction has been financed through a combination of cash, newly-issued term notes, term loans and short-term borrowing. Inspection Technologies was formerly part of the Scientific Solutions division of Olympus.
