Farms.com Home   News

Advanced Drainage System Acquires Plastic Tubing Industries (PTI)

 
Advanced Drainage Systems, Inc. (“ADS”) (NYSE: WMS), a leading global manufacturer of water management products and solutions for commercial, residential, infrastructure and agricultural applications, today 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 United States,” said Joe Chlapaty, Chairman and Chief Executive Officer.   “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 December 31, 2016.  
 
Source : Advanced Drainage Systems,

Trending Video

USDA Crop Reports/Trade Deals a Bust + Monster U.S. Corn Crop = Lower Prices

Video: USDA Crop Reports/Trade Deals a Bust + Monster U.S. Corn Crop = Lower Prices


StoneX projects a monster U.S. 2025 corn yield at 186.9 bpa, while the USDA provided no big surprises in the July crop report. A lack of U.S. trade deals/ag purchase agreements after 3-months but rather an escalation/threat in tariffs with 30% to Japan, 25% on South Korea, 35% for Canada and 50% for Brazil/copper is weighing on fund ag sentiment.

Regardless, funds after 3 years continue to chase and pile into Bitcoin ETF’s and the AI trade with NVDA both at new all time record highs and NVDA hitting the $4 trillion market cap first.

U.S. weather remains non-threatening for July and dry areas of Northern Illinois are getting rain.

Western Canada is expected to get periodic rains every 3-4 days with no excessive heat, but farmers are complaining that the rain chances very seldom materialize.

U.S. border to Mexican feeder cattle closes again to screwworm and should remain closed but this combined with new U.S. tariffs for Brazil means less supplies and a continuation of the bull market in cattle.