(Reuters) – Heavy industrial parts maker Wabtec Corp said on Tuesday it has agreed to buy Evident’s inspection technologies division for $1.78 billion.
Headquartered in Pittsburgh, Pennsylvania, Wabtec is a provider of equipment, systems and aftermarket services to the freight and transit rail industries.
Evident’s Inspection Technologies division manufactures 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 expanding our reach into other complementary high-growth, high-margin sectors,” said Nalin Jain, president of Wabtec’s Digital Intelligence Group.
Evident’s Inspection Technologies and Microscopy divisions were created in 2022 after Olympus Corporation spun off its Scientific Solutions Division to form the company.
It is expected that the work will be finalized by the end of the first half of 2025.
