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Trelleborg Group, a global maker of polymer-based products to seal, damp and protect goods, has acquired the custom molder and compounder of rubber and thermoplastics, Minnesota Rubber and Plastics (MRP; Minneapolis) from the investment firm KKR. KKR acquired MRP in 2018 from Northwest Equity Partners. Terms of that deal were not disclosed, but the transaction by Trelleborg to acquire MRP was valued at $950 million.

In addition to introducing an employee ownership program, KKR noted in a release that its investments in MRP included a new innovation center, optimized manufacturing facility and various capital investments. Under KKR’s ownership, MRP has completed acquisitions in the U.S. and U.K., including the purchase of Primasil Silicones Ltd. and Pawling Engineered Products. Earlier this year, Trelleborg acquired EirMed LLC; a custom injection molder serving the medical market based in Menomonie, Wisc.

All of MRP’s more than 1450 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, with payouts varying based on tenure and employment status.

MRP was founded in 1941 and produces high-grade thermoplastic and rubber components used in cars, medical devices and telecommunications equipment, with manufacturing facilities in North America, Europe and Asia.