ESOP-Owned Reflexite Corporation Plans Merger

Long-time ESOP company Reflexite, of Avon, Connecticut, announced yesterday that it had signed an agreement to merge with the German company ORAFOL Europe GmbH. Reflexite, which formed its ESOP in 1985, has been a prominent employee ownership company, pioneering creative management ideas and thoughtful ways of combining different forms of employee ownership, such as options and internal stock exchanges. Reflexite, which manufactures reflective materials and optical components, has employees in the U.S. and abroad. The transaction requires shareholder approval, and most shares are held by employee and directors. In an announcement on the company's Web site, CEO Michael Foley says, "ORAFOL is a great fit for Reflexite, both from a cultural and a technological standpoint."