What It Is: Founded in 1954, NewAge Industries is a manufacturer of industrial tubing products, particularly for the pharmaceutical sector. It has 86 employees, with annual revenues over $22 million, and is based in Southampton, PA.
Why It's A Pioneer: NewAge is an employee-owned firm that invests a great deal in employee training and development. Every production worker at NewAge is cross-trained and rotated through departments regularly. This maximizes flexibility in managing bottlenecks, while also improving safety by reducing repetitive stress injuries. Its training and productivity are incentivized through a generous bonus program that provides all employees with a solid middle-class living. And the company benefits tremendously - in 2009, when other companies were reeling, it posted its sixth record-breaking year in a row, with a share price up 219% over five years.
Update Note: We recently received an update from CEO Ken Baker on the success of NewAge Industries. NewAge's share price increased by 216% and sales also increased by 58% over a seven year period. Total employment expanded by 66% over that same time period.
For more information, contact: Tom Strong, Program Officer, The Hitachi Foundation