NewswireToday - /newswire/ -
Southampton, PA, United States, 2007/10/17 - Plastic tubing manufacturer NewAge Industries is celebrating its employee ownership during the month of October with lunches, raffles, and gifts for its employees. The company services the pharmaceutical, chemical, industrial, and other industries.
Tubing and hose manufacturer NewAge Industries is observing Employee Stock Ownership Month by rewarding its employee-owners with lunches, treats, raffles, and gifts. The ESOP Association, a non-profit organization of which NewAge Industries is a member, designates October as Employee Stock Ownership Month. NewAge serves a wide variety of industries including pharmaceutical, chemical, medical, food and beverage, and general industrial.
To recognize Employee Stock Ownership Month, the company has treated employees to gift card raffles, lunch, and treats such as a soft pretzel day. Gifts for each employee-owner are planned, as well as other surprises. The events are being organized and carried out by an employee committee. Posters throughout the Southampton location remind NewAge’s employee-owners of this special month with facts and figures regarding ESOPs and other local companies, such as Wawa convenience stores and Redner’s Warehouse Markets, which are also employee-owned.
NewAge Industries established its ESOP – Employee Stock Ownership Plan – in January 2006 as a way to ensure the company’s continuation. The existence of the ESOP adds a new facet to the company’s culture, namely the pride of ownership, while it discourages a possible buyout from a competitor or other business. The ESOP is another feature of the company’s retirement benefits that include a pension plan and optional 401(k) plan.
Since the inception of the ESOP, NewAge has continued to grow and prosper. Demand for its high purity products, marketed under the AdvantaPure® name, has experienced tremendous growth, and its standard products have also seen a substantial increase in sales. This success and the satisfaction of employee ownership has a real and beneficial effect on the morale, attitude, and future retirement of NewAge Industries’ employee-owners.
About NewAge Industries
In business since 1954, NewAge Industries (newageindustries.com) manufactures and fabricates thermoplastic and thermoset tubing and hose. The company offers one of the broadest product lines of tubing, hose, and fittings in the U.S. and, with its introduction of the AdvantaPure® sanitary product line, is well suited to meet the demands of pharmaceutical and high purity applications. NewAge Industries prides itself on same-day shipment of 98% of orders for its core product lines. In 2006, NewAge Industries initiated an ESOP (Employee Stock Ownership Plan) for the benefit of both its employees and customers.
NewAge®, AdvantaPure®, and “Fluid Transfer Specialists®” are registered trademarks of NewAge® Industries, Inc.