WABTEC AGREES TO
ACQUIRE EVIDENT’S
INSPECTION
TECHNOLOGIES
DIVISION FOR
US$1.78 BILLION
In January, Wabtec Corp. (NYSE: WAB)
announced it will acquire Evident’s
Inspection Technologies division
(Inspection Technologies), formerly part
of Olympus Corp.’s Scientific Solutions
Division. A global leader in nondestruc-
tive testing, remote visual inspection,
and analytical instruments, Inspection
Technologies brings industry-leading
complementary technologies to Wabtec’s
digital intelligence business, positioning
the company for accelerated, profit-
able growth while enhancing customer
productivity, reliability, and safety.
Inspection Technologies operates
across North America and Japan with
over 1300 employees. “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,
Wabtec President and CEO. Nalin
Jain, President of Wabtec’s Digital
Intelligence Group, added, “Inspection
Technologies will augment our existing
offerings in the rail, mining, and indus-
trial sectors while broadening our reach
into other high-growth, high-margin
complementary sectors.”
The acquisition enhances Wabtec’s
capabilities in automated inspection,
data analytics, and automation. “The
combination of our two skilled teams
and complementary portfolios will accel-
erate the development of first-class,
intelligent monitoring solutions to meet
the changing needs of the industries
we serve,” said Karen Smith, Executive
Vice President of Evident Inspection
Technologies.
Headquartered near Boston,
Massachusetts, Evident’s Inspection
Technologies division is expected
to generate US$433 million in 2024
revenue, with a 25.9% EBITDA margin.
Wabtec will acquire the division for
US$1.78 billion (~US$1.68 billion after tax
benefits), with the deal expected to close
in the first half of 2025, pending regula-
tory approvals.
NASA SMALL BUSINESS
FUNDING ENABLES
AIRCRAFT INSPECTION
BY DRONE
Near Earth Autonomy (Pittsburgh,
PA), through a NASA Small Business
Innovation Research (SBIR) program and
a partnership with Boeing, has devel-
oped a drone-based solution for preflight
checks of commercial airliners.
Preflight inspections, which can take
up to four hours and require workers
to climb around aircraft, pose safety
risks and potential diagnosis errors.
With NASA and Boeing funding, Near
Earth Autonomy’s business unit, Proxim,
created a drone system that completes
inspections in under 30 minutes. The
drone can autonomously fly around an
aircraft to complete the inspection by
following a computer-programmed task
card based on the US Federal Aviation
Administration’s rules for commercial
aircraft inspection. The card shows the
flight path the drone’s software needs to
take, providing aircraft workers a new tool
to increase safety and efficiency.
“NASA has worked with Near Earth
Autonomy on autonomous inspection
challenges in multiple domains,” said
Danette Allen, NASA senior leader for
autonomous systems. “We are excited to
see this technology spin out to industry
to increase efficiencies, safety, and accu-
racy of the aircraft inspection process for
overall public benefit.”
The photos collected from the drone
are shared and analyzed remotely, which
allows experts in the airline maintenance
field to support repair decisions faster
from any location. New images can be
compared to old images to look for
cracks, popped rivets, leaks, and other
common issues.
The user can ask the system to create
alerts if an area needs to be inspected
again or fails an inspection. Near Earth
Autonomy estimates that using drones
for aircraft inspection can save the airline
industry an average of US$10 000 per
hour of lost earnings during unplanned
time on the ground.
Over the last six years, Near Earth
Autonomy completed several rounds of
test flights with their drone system on
SCANNER
|
INDUSTRYNEWS
A Boeing 777-300ER aircraft is inspected by drone at an Emirates Airlines facility in Dubai, United
Arab Emirates.
12
M AT E R I A L S E V A L U AT I O N • M A R C H 2 0 2 5
CREDIT:
NEAR
EARTH
AUTONOMY
ACQUIRE EVIDENT’S
INSPECTION
TECHNOLOGIES
DIVISION FOR
US$1.78 BILLION
In January, Wabtec Corp. (NYSE: WAB)
announced it will acquire Evident’s
Inspection Technologies division
(Inspection Technologies), formerly part
of Olympus Corp.’s Scientific Solutions
Division. A global leader in nondestruc-
tive testing, remote visual inspection,
and analytical instruments, Inspection
Technologies brings industry-leading
complementary technologies to Wabtec’s
digital intelligence business, positioning
the company for accelerated, profit-
able growth while enhancing customer
productivity, reliability, and safety.
Inspection Technologies operates
across North America and Japan with
over 1300 employees. “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,
Wabtec President and CEO. Nalin
Jain, President of Wabtec’s Digital
Intelligence Group, added, “Inspection
Technologies will augment our existing
offerings in the rail, mining, and indus-
trial sectors while broadening our reach
into other high-growth, high-margin
complementary sectors.”
The acquisition enhances Wabtec’s
capabilities in automated inspection,
data analytics, and automation. “The
combination of our two skilled teams
and complementary portfolios will accel-
erate the development of first-class,
intelligent monitoring solutions to meet
the changing needs of the industries
we serve,” said Karen Smith, Executive
Vice President of Evident Inspection
Technologies.
Headquartered near Boston,
Massachusetts, Evident’s Inspection
Technologies division is expected
to generate US$433 million in 2024
revenue, with a 25.9% EBITDA margin.
Wabtec will acquire the division for
US$1.78 billion (~US$1.68 billion after tax
benefits), with the deal expected to close
in the first half of 2025, pending regula-
tory approvals.
NASA SMALL BUSINESS
FUNDING ENABLES
AIRCRAFT INSPECTION
BY DRONE
Near Earth Autonomy (Pittsburgh,
PA), through a NASA Small Business
Innovation Research (SBIR) program and
a partnership with Boeing, has devel-
oped a drone-based solution for preflight
checks of commercial airliners.
Preflight inspections, which can take
up to four hours and require workers
to climb around aircraft, pose safety
risks and potential diagnosis errors.
With NASA and Boeing funding, Near
Earth Autonomy’s business unit, Proxim,
created a drone system that completes
inspections in under 30 minutes. The
drone can autonomously fly around an
aircraft to complete the inspection by
following a computer-programmed task
card based on the US Federal Aviation
Administration’s rules for commercial
aircraft inspection. The card shows the
flight path the drone’s software needs to
take, providing aircraft workers a new tool
to increase safety and efficiency.
“NASA has worked with Near Earth
Autonomy on autonomous inspection
challenges in multiple domains,” said
Danette Allen, NASA senior leader for
autonomous systems. “We are excited to
see this technology spin out to industry
to increase efficiencies, safety, and accu-
racy of the aircraft inspection process for
overall public benefit.”
The photos collected from the drone
are shared and analyzed remotely, which
allows experts in the airline maintenance
field to support repair decisions faster
from any location. New images can be
compared to old images to look for
cracks, popped rivets, leaks, and other
common issues.
The user can ask the system to create
alerts if an area needs to be inspected
again or fails an inspection. Near Earth
Autonomy estimates that using drones
for aircraft inspection can save the airline
industry an average of US$10 000 per
hour of lost earnings during unplanned
time on the ground.
Over the last six years, Near Earth
Autonomy completed several rounds of
test flights with their drone system on
SCANNER
|
INDUSTRYNEWS
A Boeing 777-300ER aircraft is inspected by drone at an Emirates Airlines facility in Dubai, United
Arab Emirates.
12
M AT E R I A L S E V A L U AT I O N • M A R C H 2 0 2 5
CREDIT:
NEAR
EARTH
AUTONOMY