Kenneth D. Baker, CEO of Southampton-based NewAge Industries, has donated $3 million to Montgomery County Community College to promote employee-owned businesses, writes Susan Snyder for The Philadelphia Inquirer.
The plastic and rubber-tubing manufacturer is entirely employee-owned with 16 millionaires among its 226 employees.
Some of these still work on the factory floor.
“I wanted a high-performance company, and if you don’t give ownership to the employees, you’re not going to get that extra effort that owners give,” said Baker, of Ambler.
The donation, which is the largest gift in MCCC’s 56-year history, will be used to start the Baker Center of Excellence for Employee Ownership and Business Transformation.
The center will promote and educate about various employee-employer partnerships, including ESOPS.
“Ken is enabling us, as an organization, to advance our strategic agenda, our mission, and our vision of inspiring, leading, and transforming not only the lives of our students, but our community,” said Victoria L. Bastecki-Perez, president of the college.
She added that this new effort will help both for workforce development and economic recovery in the region.
The center will be located on MCCC’s Blue Bell campus.
Read more about the donation at The Philadelphia Inquirer by clicking here