Trelleborg acquiring Minnesota Rubber and Plastics for $950 million

In a move aimed at expanding its North American footprint, Sweden-based plastics company Trelleborg AB is buying compounder and parts molder Minnesota Rubber and Plastics (MRP) for approximately US$950 million.

Founded in 1945 and headquartered in Plymouth, Minn., MRP has manufacturing plants in North America, Europe, and Asia. MRP is owned by global private equity firm KKR, the seller in the transaction.

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 cash payouts upon closing of the transaction, KKR officials said in an Aug. 2 news release, with payouts varying based on tenure and employment status. As part of the transaction, employees will receive pre-paid personal financial coaching and tax preparation services.

All MRP employees are expected to be retained. “The MRP management team is expected to remain in place and continue to run the business under Trelleborg’s ownership,” the release said. “Becoming part of a larger organization, which is a global leader in polymer solutions, will unlock new benefits for MRP customers and professional growth opportunities for MRP employees.”

The transaction is expected to close before year-end 2022.