HILLIARD, Ohio--(BUSINESS WIRE)--
Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS”, the “Company”), the
leading manufacturer of high performance thermoplastic corrugated pipe
and related products, today announced that it has expanded its board of
directors and appointed Ross M. Jones and Michael B. Coleman to fill the
newly created vacancies, effective May 23, 2018.
Mr. Jones, a Managing Director at Berkshire Partners since 2000, has
over 25 years of private equity experience. During Mr. Jones’ career at
Berkshire, he has worked with many companies across a wide range of
industries, including advising ADS over a 10-year period prior to its
public offering. His prior board experience also includes serving as
Chairman of the Board and Nominating & Governance Committee at Bare
Escentuals, Inc. (formerly NASDAQ: BARE) and serving as Lead Director
and Chairman of the Nominating & Governance and Compensation Committees
at Carter’s, Inc. (NYSE: CRI).
Before joining Berkshire Partners, Mr. Jones worked at a start-up
merchant bank, Bain & Co., and in the Investment Banking Division of
Morgan Stanley & Co. Mr. Jones has a B.A. from Dartmouth College and an
M.B.A. from Stanford University Graduate School of Business.
Mr. Coleman is a partner at Ice Miller in the Public Affairs and
Government Law Group and serves as the firm’s Director of Business and
Government Strategies. Mr. Coleman served as Mayor of Columbus, Ohio
from 2000 to 2015, the first African-American mayor and the
longest-serving mayor in Columbus history. Mr. Coleman’s 25+ years of
experience in public service also includes serving as City Council
President for Columbus, Ohio from 1997 to 1999 and as a member of City
Council from 1992 to 1999. Prior to his term as Mayor, Mr. Coleman was a
partner with the law firm of Schottenstein Zox & Dunn LLP.
Mr. Coleman has received numerous national awards and is a frequent
public speaker on issues involving economic development, neighborhood
revitalization and environmental stewardship. Mr. Coleman has a B.S. in
Political Science from the University of Cincinnati and a J.D. from the
University of Dayton School of Law.
“We are very pleased to welcome Messrs. Jones and Coleman to Advanced
Drainage Systems’ board of directors. These appointments add to the
depth and breadth of expertise of our board, which we believe are
important to effective execution of corporate governance and strategic
oversight. We look forward to their contributions to our board and the
continued success of ADS in the marketplace,” said Robert Kidder,
Chairman of the Board of Directors.
About the Company
Advanced Drainage Systems (ADS) is the leading manufacturer of high
performance thermoplastic corrugated pipe, providing a comprehensive
suite of water management products and superior drainage solutions for
use in the construction and infrastructure marketplace. Its innovative
products are used across a broad range of end markets and applications,
including non-residential, residential, agriculture and infrastructure
applications. The Company has established a leading position in many of
these end markets by leveraging its national sales and distribution
platform, its overall product breadth and scale and its manufacturing
excellence. Founded in 1966, the Company operates a global network of
approximately 60 manufacturing plants and over 30 distribution centers.
To learn more about the ADS, please visit the Company’s website at www.ads-pipe.com.
Forward Looking Statements
Certain statements in this press release may be deemed to be
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. 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, without 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; 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; 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; 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; the risks associated with our self-insured programs;
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; our ability to project product mix;
the risks associated with our current levels of indebtedness;
fluctuations in our effective tax rate, including from the recently
enacted Tax Cuts and Jobs Act; changes to our operating results, cash
flows and financial condition attributable to the recently enacted Tax
Cuts and Jobs Act; our ability to meet future capital requirements and
fund our liquidity needs; the risk that additional information may arise
that would require the Company to make additional adjustments or
revisions or to restate the financial statements and other financial
data for certain prior periods and any future periods, any delay in the
filing of any filings with the Securities and Exchange Commission
(“SEC”); the review of potential weaknesses or deficiencies in the
Company’s disclosure controls and procedures, and discovering further
weaknesses of which we are not currently aware or which have not been
detected and the 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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Advanced Drainage Systems, Inc.
Michael Higgins, 614-658-0050
Director,
Investor Relations & Business Strategy
Mike.Higgins@ads-pipe.com
Source: Advanced Drainage Systems, Inc.