NewAge Industries 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 more 3,800 B Corps in 74 countries involved in 150 industries.
NewAge Industries
Since NewAge’s founding as a plastic tubing supplier 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.
Sustainability and green projects became key focuses, and supporting the local community, in many ways, grew in importance. NewAge began hosting Red Cross blood drives, making it convenient for team members to donate blood. The company became a supporter of the US Marine Corps Reserves’ annual Toys for Tots program, and food and clothing drives were organized. A rooftop solar array was installed to power the company’s headquarters with renewable energy. Retired laptop computers were shipped to a rural school overseas, along with donations for solar power equipment. Local high school and college students were invited to participate in internships and co-operative education opportunities. Team members were allotted an annual paid day for volunteer activities. And, of course, the charitable contributions and recycling practices, including proper e-waste recycling, continued.
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 30% 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.”
According to B Lab, these organizations “meet the highest standards of verified social and environmental performance, transparency and accountability.” B Corps like NewAge focus on their employees, environment and community while balancing their profits and purpose.
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.”