NewAge Industries Inc. has become an employee stock ownership plan business.
The Southampton tubing and hose extruder sold 30 percent of the company to its 70 employees as part of their retirement benefits. The ESOP became effective at the beginning of the year.
``Making the employees part-owners is a big benefit to our customers, as well as the employees,'' Ken Baker, NewAge chief executive officer and majority owner, said in a news release. ``The employees' jobs are part of an investment in their future, and that's reflected in their communications with customers and suppliers, and with each other, now more than ever.''
NewAge, established in 1954 by Raymond Baker, Ken Baker's father, runs six extrusion lines, according to marketing coordinator Ann Phy. The firm makes both reinforced and unreinforced hose and tubing from PVC, polyurethane, nylon, polyethylene, polypropylene, fluoropolymers, silicone, thermoplastic rubber and rubber latex. High-purity products for pharmaceutical, biotechnology and chemical markets are among its biggest sellers.