State of Alaska Department of Revenue Acquires 480 Shares of Advanced Drainage Systems, Inc. (NYSE:WMS)

The State of Alaska Department of Revenue has recently acquired 480 shares of Advanced Drainage Systems, Inc. (ADS) for $1.2 million. ADS is a publicly traded company that designs and manufactures drainage systems for residential and commercial properties.

The acquisition was made under the state's investment program, which allows the department to invest in companies that have a positive impact on the state's economy. The department has been investing in ADS since 2017 and currently owns approximately 5% of the company.

ADS has seen strong growth in recent years, with revenue increasing from $4.6 million in 2018 to $13.9 million in 2020. The company's products are used in a variety of applications, including residential drainage systems, commercial drainage systems, and stormwater management systems.

The acquisition by the State of Alaska Department of Revenue is seen as a positive development for ADS, as it provides the company with additional capital to continue its growth and expansion efforts. The department's investment in ADS also demonstrates its commitment to supporting local businesses and promoting economic development in the state.