SOUTHAMPTON, PA. -- The employee stock ownership plan at NewAge Industries Inc. of Southampton, Pa., is gaining another 10 percent that will bring the ESOP's ownership of the business to 40 percent.
Ken Baker, majority shareholder, said he will sell the 10-percent stake. The ESOP will purchase the shares through an internal company loan. The ESOP was established in 2006.
With the addition, shares will be available to more team members and provide them retirement savings without out-of-pocket expense.
Recently, NewAge hired Stephen Kuhns as divisional manager for its industrial business.
Baker is CEO of NewAge, which extrudes, fabricates and makes reinforced and unreinforced forms of thermoplastic and thermoset tubing under the AdvantaPure brand. His father, Raymond Baker, established the business in 1954.
NewAge has a geography-oriented distribution relationship with manufacturing partner Colex International Ltd. of Leicestershire, England.