Advanced Drainage Systems Announces Acquisition of Cultec, Inc.
02 Mai 2022 - 12:45PM
Business Wire
Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the
“Company”), a leading provider of innovative water management
solutions in the stormwater and on-site septic wastewater
industries today announced the acquisition of Cultec, Inc.
(“Cultec”), a family-owned technology leader in the stormwater and
on-site septic wastewater industries.
“Bob DiTullio Sr. founded Cultec in 1986 based on innovative
technology, engineering expertise and a dedication to customer
service. Since then, Cultec has continued to build a strong
reputation with a growing group of engineers, distributors and
contractors,” said Scott Barbour, President and Chief Executive
Officer of ADS. “Today, Cultec designs and sells plastic chambers
and related products into the stormwater and on-site septic
markets. Their products expand ADS’ portfolio of solutions,
enabling us to meet the growing and evolving needs of our
customers. In addition to a complementary portfolio of products, we
share similar values, including our common commitment to protecting
the world’s most precious resource, water. We welcome the entire
Cultec team to ADS and look forward to our partnership moving
forward.”
Cultec is a family-owned plastic stormwater and septic chamber
company headquartered in Brookfield, Connecticut.
About Advanced Drainage
Systems Advanced Drainage Systems is a leading provider
of innovative water management solutions in the stormwater and
on-site septic wastewater industries, providing superior drainage
solutions for use in the construction and agriculture marketplace.
For over 50 years, the Company has been manufacturing a variety of
innovative and environmentally friendly alternatives to traditional
materials. Its innovative products are used across a broad range of
end markets and applications, including non-residential,
residential, infrastructure and agriculture applications. The
Company has established a leading position in many of these end
markets by leveraging its national sales and distribution platform,
overall product breadth and scale and manufacturing excellence.
Founded in 1966, the Company operates a global network of
approximately 60 manufacturing plants and 30 distribution centers.
To learn more about ADS, please visit the Company’s website at
www.adspipe.com.
About Cultec Located in
Brookfield, Connecticut, Cultec, Inc., has been helping engineers
and contractors design stormwater solutions unique to their
specific projects for over 30 years. The company manufactures
stormwater chambers for commercial and residential construction
projects, as well as septic installations. The team at Cultec has
been adjusting and innovating their products to keep pace with the
changing needs of the market since 1986. With a full technical
design department, the company offers best-in-class customer
support and full-cycle computer assisted design capability.
Cultec’s worldwide presence includes chamber installations
throughout the United States, Canada, Europe, South America, and
the Caribbean. Learn more at www.cultec.com
Forward Looking Statements
Certain statements in this press release may be deemed to be
forward-looking statements. These statements are not historical
facts but rather are based on the Company’s current expectations,
estimates and projections regarding the Company’s business,
operations and other factors relating thereto. Words such as “may,”
“will,” “could,” “would,” “should,” “anticipate,” “predict,”
“potential,” “continue,” “expects,” “intends,” “plans,” “projects,”
“believes,” “estimates,” “confident” and similar expressions are
used to identify these forward-looking statements. Factors that
could cause actual results to differ from those reflected in
forward-looking statements relating to our operations and business
include: fluctuations in the price and availability of resins and
other raw materials and our ability to pass any increased costs of
raw materials on to our customers in a timely manner; volatility in
general business and economic conditions in the markets in which we
operate, including the adverse impact on the U.S. and global
economy of the COVID-19 global pandemic, and the impact of COVID-19
in the near, medium and long-term on our business, results of
operations, financial position, liquidity or cash flows, and other
limitation factors relating to availability of credit, interest
rates, fluctuations in capital and business and consumer
confidence; cyclicality and seasonality of the non-residential and
residential construction markets and infrastructure spending; the
risks of increasing competition in our existing and future markets,
including competition from both manufacturers of high performance
thermoplastic corrugated pipe and manufacturers of products using
alternative materials, and our ability to continue to convert
current demand for concrete, steel and PVC pipe products into
demand for our high performance thermoplastic corrugated pipe and
Allied Products; uncertainties surrounding the integration and
realization of anticipated benefits of acquisitions and similar
transactions, including Infiltrator Water Technologies; the effect
of weather or seasonality; the loss of any of our significant
customers; the risks of doing business internationally; the risks
of conducting a portion of our operations through joint ventures;
our ability to expand into new geographic or product markets,
including risks associated with new markets and products associated
with our recent acquisition of Infiltrator Water Technologies; our
ability to achieve the acquisition component of our growth
strategy; the risk associated with manufacturing processes; our
ability to manage our assets; the risks associated with our product
warranties; our ability to manage our supply purchasing and
customer credit policies; our ability to control labor costs and to
attract, train and retain highly-qualified employees and key
personnel; our ability to protect our intellectual property rights;
changes in laws and regulations, including environmental laws and
regulations; the risks associated with our current levels of
indebtedness, including borrowings under our existing credit
agreement and outstanding indebtedness under our existing senior
notes; fluctuations in our effective tax rate, including from the
Tax Cuts and Jobs Act of 2017; our ability to meet future capital
requirements and fund our liquidity needs; and other risks and
uncertainties described in the Company’s filings with the SEC. New
risks and uncertainties emerge from time to time and it is not
possible for the Company to predict all risks and uncertainties
that could have an impact on the forward-looking statements
contained in this press release. In light of the significant
uncertainties inherent in the forward-looking information included
herein, the inclusion of such information should not be regarded as
a representation by the Company or any other person that the
Company’s expectations, objectives, or plans will be achieved in
the timeframe anticipated or at all. Investors are cautioned not to
place undue reliance on the Company’s forward-looking statements
and the Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220502005174/en/
Michael Higgins VP, Corporate Strategy & Investor Relations
(614) 658-0050 Mike.Higgins@ads-pipe.com
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