||Southampton, PA NewAge Industries was pleased to host Congressman Patrick Murphy (on left) on Thursday morning, July 3, for an overview of the advantages of Employee Stock Ownership Plans (ESOP). The reason for the invitation to Congressman Murphy related to a bill in the House of Representatives aimed at tax reform that would adversely affect ESOP corporations.
An ESOP-a retirement plan where the plan makes investments in the employer company vs. making investments in the stock/bond market-offers retirement value in the form of share dividends and the appreciation of share price.
Ken Baker (on right), CEO of NewAge Industries, wanted to present the many benefits of ESOPs to Congressman Murphy. Because of employees’ financial interests in their companies, ESOPs are generally more efficient at production, process improvements are continually sought and acted upon, and cost savings are sought on an everyday basis. ESOP corporations tend to be prosperous and forward thinking, and they help limit job outsourcing and competitive buy-outs. Nationally they comprise 10% of the private-sector workforce (8.5 million people) and on average provide three times the retirement benefits of non-ESOP companies. ESOPs give employee-owners the opportunity to invest in their future.
Congressman Murphy and the district’s director, Phillip Lorenzon, were given an overview of NewAge’s culture, structure, products, and new technology during a meeting that included attendance by several employee-owners. The congressman then asked each employee-owner to introduce him or herself and explain what the ESOP means to them. A plant tour followed, and Baker further explained to Congressman Murphy how the proposed law could severely limit ESOP funding options and halt their growth.
For additional information, contact our knowledgable and helpful Sales Team at NewAge® Industries, Inc., 145 James Way, Southampton, PA 18966; phone 800-50-NEWAGE (800-506-3924) or 215-526-2300; fax 800-837-1856 or 215-526-2190; e-mail: firstname.lastname@example.org.
About NewAge Industries
In business since 1954, NewAge Industries 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 the introduction of its AdvantaPure® sanitary tubing, hose and fitting products, 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.