Minnesota Rubber & Plastics operates in several fast-growing industries such as medical equipment, water management and food & beverage, as well as in several industrial applications. The company is a manufacturer of engineered polymer and thermoplastic components and a system provider for technically demanding applications.
“This is a step change for Trelleborg Sealing Solutions. The business area will be as strong in North America as its already established position in Europe,” says Peter Nilsson, President and CEO of Trelleborg Group.
The company has annual sales of approximately £178 million.
Minnesota Rubber & Plastics has its headquarters and innovation centre outside of Minneapolis, Minnesota, US, and has a total of eight manufacturing facilities globally, of which four are in the US and the remainder in Mexico, China, the Czech Republic (for rubber moulding) and England (Weobley, near Leominster, where silicone rubber custom formulations, compounding, moulding and extrusion is carried out). A distribution facility with sales and technical support is also based in Pacy-sur-Eure, Normandy, France.
KKR acquired the firm in November 2018 and has since introduced a broad-based employee ownership programme, built a new global innovation centre, optimised manufacturing facilities and invested in new equipment. It has also completed acquisitions adding complementary new capabilities in the US and UK.
The MRP management team is expected to remain in place and continue to run the business under Trelleborg’s ownership. It said that becoming part of a larger organisation, which is a global leader in polymer solutions, will unlock new benefits for MRP customers and professional growth opportunities for MRP employees.
“Today’s announcement is the culmination of a lot of hard work by our dedicated employees and KKR’s shared ownership model has allowed all MRP colleagues to share in this success,” said Jay Ward, CEO of MRP.
The transaction, which is subject to customary regulatory approvals, is expected to close before year-end 2022.
