Advanced Drainage Systems to acquire water management business unit from NORMA Group for $1bn.

Advanced Drainage Systems, a company that designs, manufactures and markets polypropylene and polyethylene pipes, plastic leach field chambers and systems, agreed to acquire water management business unit from NORMA Group, a manufacturer of machine joining components, such as hose couplings, clamps and quick connectors, for $1bn. “The agreement represents a significant milestone in NORMA Group’s transformation into a focused industrial supplier. Once the transaction has been completed, we will eliminate our net debt, putting the company on even more sound financial footing and providing us with greater flexibility to expand our industrial business. We will now focus all our energy on consistently strengthening our core business of advanced joining technology in the two complementary business units Industry Applications and Mobility & New Energy," Mark Wilhelms, NORMA CEO.