KKR Completes Sale of Minnesota Rubber and Plastics
October 27 2022 - 3:15PM
Business Wire
All 1,450+ employees across six countries are
receiving substantial cash payouts for their ownership in the
Company
KKR, a leading global investment firm, today announced that KKR
has completed the previously announced sale of Minnesota Rubber and
Plastics (“MRP” or “the Company”), a leading provider of materials
science-based elastomer and thermoplastic solutions, to Trelleborg
Group (“Trelleborg”), a leader in engineered polymer solutions.
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All of MRP’s more than 1,450 employees across six countries and
four U.S. states, including hourly manufacturing production,
technical and administrative employees, are receiving substantial
cash payouts in connection with the closing as a result of the
employee ownership plan implemented by KKR in 2018. Payments vary
based on tenure and employment status, with employees who joined
MRP in late 2018 and 2019 receiving payouts on average equivalent
to over 12 months of annual income and longer-tenured employees
receiving up to twice as much.
“I am incredibly proud of the entire MRP team’s accomplishments
throughout our time together,” said Josh Weisenbeck, Partner at KKR
who leads KKR’s Industrials private equity team. “With Trelleborg,
MRP will continue to have an employee-centric culture, and we are
looking forward to seeing their many successes to come.”
Along with the sale and substantial cash payments made to
employee owners, MRP employees are also receiving access to
pre-paid personal financial coaching and tax preparation services.
Financial planning advice is being provided by Goldman Sachs Ayco
Personal Financial Management in the U.S. and by RSM Global for
international employees. Deloitte is providing tax services
globally.
Since 2011, KKR has implemented broad-based employee ownership
and alignment programs, first pioneered by KKR’s U.S. Industrials
private equity team and more recently expanding across all control
investments within KKR’s Americas Private Equity franchise. To
date, KKR has awarded billions of total value through broad-based
equity programs to over 45,000 non-senior employees across over 25
companies. KKR currently has 30 portfolio companies with ownership
programs. In April 2022, KKR joined more than 60 leading
organizations in becoming a founding partner of Ownership Works, a
nonprofit created to support public and private companies
transitioning to shared ownership models.
About KKR
KKR is a leading global investment firm that offers alternative
asset management as well as capital markets and insurance
solutions. KKR aims to generate attractive investment returns by
following a patient and disciplined investment approach, employing
world-class people, and supporting growth in its portfolio
companies and communities. KKR sponsors investment funds that
invest in private equity, credit and real assets and has strategic
partners that manage hedge funds. KKR’s insurance subsidiaries
offer retirement, life and reinsurance products under the
management of Global Atlantic Financial Group. References to KKR’s
investments may include the activities of its sponsored funds and
insurance subsidiaries. For additional information about KKR &
Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and
on Twitter @KKR_Co.
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version on businesswire.com: https://www.businesswire.com/news/home/20221027005930/en/
Miles Radcliffe-Trenner and Emily Cummings 212-750-8300
media@kkr.com
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