NewAge Industries recently announced that it has achieved B Corp™ certification from B Lab™, a nonprofit organization serving a global network of companies using business as a force to benefit others. NewAge joins over 3,800 B Corps™ in 74 countries involved in 150 industries.
Since NewAge’s founding in 1954, the company has strived to operate as a good corporate neighbor, in part by donating to worthy charitable organizations and taking steps for proper waste handling and recycling. As the company grew, so, too, did its outreach.
But the owners of NewAge didn’t only care for other people and organizations. They focused on supporting the company’s employees and their physical, mental, and financial well-being. Retirement plans helped provide funds for life after NewAge, and a bonus plan was introduced. A Wellness Committee was formed from employee volunteers with the goal of promoting healthy lifestyles.
Next came employee ownership, when then-owner Ken Baker transferred thirty percent ownership of NewAge Industries by means of an Employee Stock Ownership Plan (ESOP). In August 2019, the company and its AdvantaPure®, Verigenics® and BrewSavor® divisions became fully owned by its employees.
So, what led to the decision to apply for Certified B Corporation status? “It was the next step in our evolution as a corporation. Companies that can do good things for others and the environment, all while remaining profitable, are well regarded,” said Ken Baker, NewAge’s CEO. “Consider Ben and Jerry’s, Patagonia, Bombas, King Arthur Flour, Seventh Generation, Leesa, Cabot. NewAge is in very good company.”
Baker continued, “We’re audited for financials and quality, but no one had examined us for how we operate or for our environmental practices. Being certified as a B Corp differentiates us from other suppliers, especially those in the biopharm and pharmaceutical industries. NewAge isn’t a big conglomerate that was formed by buying a bunch of other companies, and we do not have investors who look only at the bottom line. We’re independent, employee owned, and dedicated to staying that way.”
Courtesy of NewAge® Industries.