The America's WETLAND Foundation (AWF) responded to the elimination of Gulf of Mexico Energy Security Act (GOMESA) funds in President Donald...
Acquisition expands footprint in Georgia, Texas
Advanced Drainage Systems Inc. (ADS), a global manufacturer of water management products and solutions for commercial, residential, infrastructure and agricultural applications, announced that it has acquired the assets of Plastic Tubing Industries (PTI), a manufacturer of HDPE pipe and related accessories, for $9.5 million. The transaction is expected to be accretive to ADS’ net income and adjusted EBITDA in the first full year.
“We are very excited to announce the acquisition of the PTI assets, which further increases our customer base and capacity in the growing Southeast region of the U.S.,” said Joe Chlapaty, chairman and CEO, ADS. “PTI is a highly complementary business, carries a strong brand and has exceptional customer loyalty dating back more than 40 years. We welcome the PTI team to the ADS family.”
With the acquisition, ADS will increase its manufacturing footprint in Georgia and Texas while adding production capacity to the existing ADS manufacturing facilities in Florida to better serve growing demand in the region. PTI had sales of approximately $11 million for the year ending Dec. 31, 2016.