SOUTHAMPTON, Pa.—The employee stock ownership plan at NewAge Industries Inc. of Southampton, Pa., is gaining another 10-percent stake that will bring the ESOP's ownership of the business to 40 percent.
Ken Baker, majority shareholder, said he will sell the 10-percent share. The ESOP will purchase the stock 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.
Baker is CEO of NewAge, which extrudes, fabricates and makes reinforced and unreinforced forms of silicone, thermoplastic and thermoset tubing under the AdvantaPure brand. His father, Raymond Baker, established the business in 1954.