FORT WAYNE, Ind.—Trelleborg A.B. has finalized the $950 million purchase of Minnesota Rubber and Plastics, an acquisition that was announced in early August.
If a tax asset (on the Swedish side, where Trelleborg is based) of approximately $90 million is factored in, the purchase price amounts to approximately $860 million, according to Trelleborg.
"This is a step change for Trelleborg Sealing Solutions," Peter Nilsson, president and CEO of Trelleborg Group, said in an Oct. 28 news release. "The business area will be as strong in North America as its already established position in Europe."
Plymouth, Minn.-based MRP, a manufacturer of rubber, thermoplastic and polymer products, had been owned by the world's third-largest private equity firm, KKR, which has offices in New York City.
The transaction was finalized between Trelleborg and an affiliate of KKR Oct. 27.
"I am incredibly proud of the entire MRP team's accomplishments throughout our time together," said Josh Weisenbeck, a partner at KKR. "With Trelleborg, MRP will continue to have an employee-centric culture, and we are looking forward to seeing their many successes to come."
Nilsson said earlier this year that the acquisition will allow Trelleborg to expand its North American footprint in several business areas, including specialty industrial, medical, food and beverage, and water-related infrastructure components—MRP's areas of expertise.