KKR completes sale of MRP to Trelleborg Group
KKR, a leading global investment firm, announced today that it has completed the previously announced sale of Minnesota Rubber and Plastics ("MRP" or "the Company") to Trelleborg Group ("Trelleborg"), a leader in engineered polymer solutions.
As a result of the employee ownership plan implemented by KKR in 2018, 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, will receive substantial cash payouts in connection with the closing. Payments vary according to tenure and employment status, with employees who joined MRP in late 2018 and 2019 receiving payouts equivalent to more than a year's worth of annual income on average, 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, a Partner at KKR. “With Trelleborg, MRP will continue to have an employee-centric culture, and we are looking forward to seeing their many successes to come.”
MRP employees will receive access to pre-paid personal financial coaching and tax preparation services in addition to the sale and substantial cash payments made to employee owners. Goldman Sachs Ayco Personal Financial Management in the United States and RSM Global for international employees provide financial planning advice. Deloitte offers tax services all over the world.
Since 2011, KKR has implemented broad-based employee ownership and alignment programs, which were first pioneered by KKR's U.S. Industrials private equity team and have since been expanded across all control investments within KKR's Americas Private Equity franchise.
To date, KKR has distributed billions of dollars in total value to over 45,000 non-senior employees across 25 companies through broad-based equity programs. KKR currently has ownership programs in 30 of its portfolio companies. In April 2022, KKR will join over 60 other leading organizations as a founding partner of Ownership Works, a nonprofit established to assist public and private companies in transitioning to shared ownership models.
As a result of the employee ownership plan implemented by KKR in 2018, 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, will receive substantial cash payouts in connection with the closing. Payments vary according to tenure and employment status, with employees who joined MRP in late 2018 and 2019 receiving payouts equivalent to more than a year's worth of annual income on average, 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, a Partner at KKR. “With Trelleborg, MRP will continue to have an employee-centric culture, and we are looking forward to seeing their many successes to come.”
MRP employees will receive access to pre-paid personal financial coaching and tax preparation services in addition to the sale and substantial cash payments made to employee owners. Goldman Sachs Ayco Personal Financial Management in the United States and RSM Global for international employees provide financial planning advice. Deloitte offers tax services all over the world.
Since 2011, KKR has implemented broad-based employee ownership and alignment programs, which were first pioneered by KKR's U.S. Industrials private equity team and have since been expanded across all control investments within KKR's Americas Private Equity franchise.
To date, KKR has distributed billions of dollars in total value to over 45,000 non-senior employees across 25 companies through broad-based equity programs. KKR currently has ownership programs in 30 of its portfolio companies. In April 2022, KKR will join over 60 other leading organizations as a founding partner of Ownership Works, a nonprofit established to assist public and private companies in transitioning to shared ownership models.
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