KKR to Acquire Hyperion from Sandvik
All Employees to Become Owners in Company
"Hyperion is known for its high-quality, effective products and has a loyal customer following. We see tremendous opportunity to help support the growth of the company and its customers by establishing the business as a standalone entity. As we have done with our other industrials investments, we plan to implement a broad-based employee engagement model upon closing the transaction to ensure all employees have a stake in the success that lies ahead," said
Over the last six years, KKR's Industrials team has focused on employee engagement as a key driver in building stronger companies. The centerpiece of the strategy has been to make all employees owners in the business by granting them the opportunity to participate in the equity return directly alongside KKR. Beyond sharing ownership, KKR also supports employee engagement by investing in training across multiple functional areas, driving improvements in worker safety and by supporting the company's involvement in the community.
"I'm pleased that we have found a new owner who will support Hyperion's continued development. This agreement is an important step in focusing Sandvik on its core businesses. The divestment creates additional capacity for growth and expansion for the core business of Sandvik," said
This transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close during the first half of 2018. KKR was advised in the transaction by
Hyperion is the global leader in hard and super-hard materials with over 60 years of experience in cemented carbide, diamond and cubic boron nitride technologies, providing solutions for the most demanding applications.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic manager partnerships, hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside its partners' capital and provides financing solutions and investment opportunities through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about
Sandvik is a high-tech and global engineering group offering products and services that enhance customer productivity, profitability and safety. They hold world-leading positions in selected areas - tools and tooling systems for metal cutting; equipment and tools, service and technical solutions for the mining and construction industries; products in advanced stainless steels and special alloys as well as products for industrial heating. In 2016, the Group had approximately 43,000 employees and sales of
Kristi Huller or Cara Kleiman Major, +1-212-750-8300
Vice President Investor Relations
Executive Vice President Group Communications
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