Roppe becomes employee-owned business

FOSTORIA — Roppe Holding Company has announced its transition from a family owned company to an employee-owned business through an Employee Stock Ownership Plan (ESOP). According to a press release, Roppe and its family of brands (Roppe ,Flexco, Seneca Millwork, ATECO, Six Degrees, RHC Logistics, Tuflex Sports Surfaces, and TCB Holdings,Inc. ), primarily known for luxury flooring solutions, now will operate as an ESOP, "building on decades of family ownership while reinforcing a long-standing commitment to stability, independence, and people-driven success." An ESOP is a retirement plan funded entirely by the company and invested in company stock. Through the plan, employees receive individual ESOP accounts that can grow over time as company stock is added and the business performs well. In the release, Norman Freebeck, president of Roppe Holding Company, said, "Our brands are known for consistency, expertise, and delivering on promises," and adopting the ESOP model "helps ensure that the individuals moving this company forward now have a direct stake in its future." The ESOP structure allows the company to remain privately held and locally rooted while continuing to operate as it always has, the release states. "When the company grows and thrives, our employees share in that success financially through the ESOP," Freebeck said in the release. Roppe Holding Company will continue operating with Freebeck leading the executive team, and Chief Operating Officer Seth Brickner "noted that the transition follows a period of strategic planning and organizational strengthening."