NewAge Industries Initiates ESOP to Benefit Customers & Employees
Employees Now Own 30% of the Company
Southampton, PA - Plastic tubing and hose manufacturer NewAge Industries is pleased to announce that it is now employee owned. Called an ESOP (Employee Stock Ownership Plan), the program involves the selling of 30% of the company, via shares of stock, to its employees as part of their retirement benefits. The ESOP became effective at the beginning of the year.
"This has been a goal for a number of years," says CEO and majority share owner Ken Baker, "and I'm glad the plan has now become reality. Making the employees part owners is a big benefit to our customers, as well as the employees."
NewAge Industries built its solid reputation by providing a high level of customer support and service, along with superior products. The establishment of the ESOP lets employees expand upon that by allowing them to take true ownership of their positions. Baker says "When a customer calls, they can speak with an owner. The employees' jobs are part of an investment in their future, and that's reflected in their communications with customers and suppliers, and with each other, now more than ever."
Another customer benefit resulting from the ESOP is that it sets up a succession plan for the organization. Many of today's large, multi-national corporations become larger by acquiring small companies. Plants are often closed, and production is moved offshore. The knowledge and talent of those employees is lost as they find jobs in other industries. Baker wanted to avoid that possibility and, at the same time, help secure a future for NewAge and its employees.
With a strong customer base for its products - plastic and rubber tubing and hose, fittings, clamps, assemblies, and customized items - NewAge Industries is poised for continued growth. Its AdvantaPure product line, consisting of sanitary tubing and hose for the pharmaceutical, chemical, and biotechnology markets, is continually expanding with innovative products, such as the Hose Track(TM) Hose Assembly Identification and Lifecycle Analysis System, PET(TM) Process Equipment Tracking, the AdvantaLabel® Hose Labeling System, and new molding technologies for silicone products.
For employees, the ESOP represents an expansion of their current retirement program, which already includes pension and optional 401(k) plans. They will now be rewarded with ESOP retirement benefits as a direct result of their on-the-job efforts.
For more information on NewAge Industries and the ESOP, contact the Fluid Transfer Specialists® at NewAge® Industries, Inc., 145 James Way, Southampton, PA 18966; phone 800-50-NEWAGE (800-506-3924) or 215-526-2300; fax 800-837-1856 or 215-526-2190; e-mail: info@newageindustries.com; web site: www.newageindustries.com.
About NewAge Industries
In business since 1954, NewAge Industries is a manufacturer and fabricator
of thermoplastic and thermoset tubing and hose, and a private-brand master distributor of fittings and clamps. The company offers one of the broadest product lines of tubing, hose, and fittings in the U.S. and, with its introduction of the AdvantaPure sanitary product line, is well suited to meet the demands of pharmaceutical and high purity applications. NewAge Industries prides itself on same-day shipment of 98% of orders for its core product lines.
For questions regarding this press release, contact Ann Phy, Marketing Coordinator, by phone at 215-526-2300; fax 215-526-2191; e-mail aphy@newageindustries.com. This contact information is not for publication either in print or on-line.
Hose Track(TM), PET(TM), AdvantaLabel®, NewAge®, AdvantaPure®, and "Fluid Transfer Specialists®" are trademarks of NewAge® Industries, Inc
