Publication date: 03/13/2006
Employees Own Stock in Manufacturer
Plastic tubing and hose manufacturer NewAge Industries, Southampton, Pa., announced that it is now operating under an employee stock ownership plan (ESOP). Thirty percent of the company was sold via shares of stock to its employees as part of their retirement benefits. "This has been a goal for a number of years," said CEO and majority shareowner Ken Baker. "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."