The recent holidays were a time for togetherness and gift giving, and together the team members of NewAge Industries received an unexpected gift. The company’s CEO and majority shareholder, Ken Baker, recently announced that in early 2013 he will sell an additional ten percent of NewAge’s shares to the company’s ESOP (Employee Stock Ownership Plan), raising the total of the ESOP’s ownership to forty percent.
Having strengthened NewAge in several ways, the ESOP continues to:
- Give employees the pride of ownership
- Provide retirements savings with no out-of-pocket expense to employees
- Establish a succession plan for the company
- Discourage a competitive buyout
- Improve employee morale and camaraderie
- And most importantly, benefit customers because employees know that their actions are a direct investment in their future
The meeting continued with Baker noting that 2013 holds many promising opportunities. NewAge’s AdvantaPure product line continues to grow, particularly in the biopharmaceutical market where customers are adopting single use technology. The company is also putting increased focus on its industrial business with the recent hiring of a new divisional manager, Stephen Kuhns, who is actively connecting with customers, seeking opportunities for expansion, and looking into new markets.
NewAge Industries, Inc.