The parent company of Green Line Polymers acquired the parent company of Champion Polymer Recycling in a purchase valued at over $1 billion.

Hilliard, Ohio-headquartered Advanced Drainage Systems (ADS) bought Old Saybrook, Conn.-based Infiltrator Water Technologies (IWT) for $1.08 billion, according to a press release.

ADS makes thermoplastic piping for commercial, residential, infrastructure and agricultural applications, with a focus on stormwater management. Founded in 1966, the company has 4,400 employees, 56 manufacturing locations and 32 distribution centers around the world.