Employee owners get larger stake in NewAge Industries

By Roger Renstrom
Correspondent

Published: January 28, 2013 1:16 pm ET
Updated: January 28, 2013 1:21 pm ET

Related to this story

Topics Mergers & Acquisitions, Medical, Extrusion, Pipe/Profile/Tubing

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.


Comments

Employee owners get larger stake in NewAge Industries

By Roger Renstrom
Correspondent

Published: January 28, 2013 1:16 pm ET
Updated: January 28, 2013 1:21 pm ET

Post Your Comments


Back to story


More stories

Image

Impact-resistant window maker buys competitor for $111 million

July 31, 2014 3:07 pm ET

PGT Inc. is acquiring CGI Windows & Doors Holdings Inc. for $111 million as part of a plan to grow strategically by buying businesses with...    More

Buyer plans to sell former Hoover molding, assembly plants

July 31, 2014 2:06 pm ET

A former Hoover manufacturing plant with 150 injection machines in El Paso, Texas, and a nearby maquiladora plant in Juarez, Mexico, changed owners...    More

Private equity firm buys majority share of truck accessory maker

July 31, 2014 10:30 am ET

A majority share of Ann Arbor, Mich.-based truck accessory manufacturer Tectum Holdings Inc. has been acquired by Boston-based private equity firm TA ...    More

Image

Tessy investing $10 million in new plant, infrastructure

July 30, 2014 4:57 pm ET

Tessy Plastics Corp. continues to buy factory buildings in upstate New York — acquiring a 112,000-square-foot former Honeywell building in...    More

Image

Castle Harlan buys landscape erosion control firm Tensar

July 30, 2014 3:46 pm ET

Private equity group Castle Harlan inc. has acquired Atlanta-based Tensar Corp., with plans for the geosynthetic products maker and its subsidiaries t...    More

Market Reports

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events