Advanced Drainage Systems Acquires Jet Polymer Recycling For Undisclosed Sum

Advanced Drainage Systems Inc WMS acquired a privately-owned recycling company, Jet Polymer Recycling, located in the southeastern region of the U.S. Financial terms were not disclosed.
Jet Polymer has three plastic recycling locations in Alabama and Georgia; and is a supplier of recycled polypropylene plastic for Infiltrator Water Technologies, a subsidiary of Advanced Drainage Systems.
"This acquisition advances our strategic priority to expand the ADS Recycling capabilities to support future growth while also underpinning ADS' commitment to environmental sustainability," commented CEO Scott Barbour.
Advanced Drainage Systems held total liquidity of $229 million, comprised of cash of $14 million as of September 30, 2021.
Price Action: WMS shares closed lower by 0.64% at $125.35 on Friday.