Wabtec to buy Evident's inspection technologies unit for $1.78 billion
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FILE PHOTO: U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -Heavy industrial parts maker Wabtec Corp said on Tuesday it has agreed to buy Evident's inspection technologies division for $1.78 billion.
Pittsburgh, Pennsylvania-based Wabtec is a provider of equipment, systems, and aftermarket services for freight and transit rail industries.
Evident's Inspection Technologies division makes remote visual inspection and analytical instruments for industries such as railways, mining, and manufacturing.
“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,” Nalin Jain, President of Wabtec’s Digital Intelligence Group said.
Evident's Inspection Technologies and Microscopy divisions were created in 2022 after Olympus Corporation spun off its Scientific Solutions Division to establish the company.
The deal is expected to be finalized by the end of the first half of 2025.
(Reporting by Kannaki Deka in Bengaluru; Editing by Saumyadeb Chakrabarty and Tasim Zahid)
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