NewAge® Industries Announces 100% Employee Ownership
Tubing manufacturer NewAge
Industries is now 100% owned by its employees through an ESOP (Employee Stock
Ownership Plan). The ESOP is a retirement benefit that gives employee-owners a
true stake in their futures. Ken Baker, CEO, sold portions of the business to
the ESOP in three stages over the past thirteen years. September 2019 saw the
completion of a decades-long plan to help ensure the continued success of the company
and avoid a competitive buyout.
Southampton, PA — At a company-wide meeting held September 5, 2019, it became official: NewAge Industries is now entirely owned by its employees through its ESOP (Employee Stock Ownership Plan). The event was the culmination of a plan first considered by CEO Ken Baker more than two decades ago.

NewAge's employees now own one hundred percent of the company
"Many people have misconceptions about how an ESOP works. It doesn't cost the employees anything. It's overseen by a trustee, whose job it is to handle the ESOP's assets in the best interests of the employee-owners. The company receives tax benefits, which in turn benefits the ESOP. And, yes, the business owner can make a nice sum from the sale of the company's stock. Everybody wins," noted Baker.
Published by NewAge Industries Inc. on Dec 19, 2019