NewAge(R) Industries Observes 15 Years of Employee Ownership
By: NewAge Industries Inc.
Now, fifteen years later, NewAge is one-hundred percent employee owned. The company's ESOP – Employee Stock Ownership Plan – rewards long term employees at retirement and has allowed several to retire earlier than originally planned. The ESOP encourages employees' commitment to NewAge Industries; employees know and understand how their actions and work ethic affect not only their customers but their coworkers, their families and their futures.
That commitment was tested in 2020 like no year before and involved team leaders and team members from Sales, Engineering, Marketing and other departments assisting in Manufacturing and with other critical tasks. The groups worked together, learning new assignments and adjusting work hours, with one thing in mind: customers.
Ken Baker, the company's CEO and former majority owner, noted that over the years, he'd had hundreds of offers to sell NewAge to competitors and businesses with complimentary product lines.
"What's the easiest way to squash your competition or to expand your product offering? Buy another company. But I didn't want to take the money that was being offered and walk away from the business my father started in 1954," said Baker. "My family and I put a lot of hours and sweat equity into growing NewAge. And there are people who've worked here for 20, 25, 30 years. I wanted to reward them in a meaningful way for their hard work, dedication and loyalty."
NewAge became a 100%-employee-
"It's certainly something to be celebrated. You don't get returns like that in the stock market," observed Baker.
Learn more about NewAge's road to employee ownership at http://www.newageindustries.com/
About NewAge Industries
In business since 1954, NewAge Industries manufactures plastic and rubber tubing in reinforced and unreinforced styles. The company maintains a large inventory of tubing and fittings for its core product lines and services customers worldwide. NewAge is a solar powered, zero landfill organization committed to continually minimizing its environmental impact.
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NewAge(R) and "Fluid Transfer Specialists(
NewAge Industries Inc.