Advanced Drainage Systems Acquires Cultec For Undisclosed Sum

Advanced Drainage Systems, Inc. (NYSE:WMS) has acquired Cultec, Inc., a family-owned plastic stormwater and septic chamber company headquartered in Brookfield, Connecticut. Deal terms were not disclosed.
"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," commented CEO Scott Barbour.
Advanced Drainage Systems had $22.1 million cash in hand as of December 31, 2021.
Price Action: WMS shares are trading lower by 0.90% at $101.54 on the last check Monday.