KKR has completed the previously announced sale of Minnesota Rubber and Plastics (MRP), a provider of materials science-based elastomer and thermoplastic solutions, for a reported $1 billion in cash to Trelleborg Group (Trelleborg), a specialist in engineered polymer solutions.
All of MRP’s more than 1,450 employees across six countries and four US 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.
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 US 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 US 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.
