In November 2018, KKR acquired Minnesota Rubber and Plastics (“MRP”), a leading provider of materials science-based elastomer and thermoplastic solutions.

Over the course of KKR’s ownership, MRP implemented a broad-based employee ownership program and made significant progress in driving growth and operational excellence.

When the company was sold in 2022, 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, received substantial cash payouts in connection with the closing.

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.

In this video, MRP CEO Jay Ward and members of the KKR team discuss MRP’s journey with KKR and the power of building an owner culture.