Take action on 17 July
Thursday, July 17th meet 1:00 PM in Trafalgar Square (near the lions)
Join the Global Day of Action against one of the oldest and largest private equity firms in the world: KKR (Kohlberg, Kravitz and Roberts)
Private equity companies have gained massive influence, power and obscene wealth because they’ve stayed invisible to public attention and scrutiny. It is time for that to change!
On Thursday 17 July 2008, thousands of trade unions, community organisations, environmentalists, workers and activists will be taking part in a global day of action against KKR - actions are planned in 100 cities in 25 countries. These actions will send a loud and clear message to private equity firms like KKR that we are sick and tired of a few people getting even richer and ruining our lives and the planet in the process.
In London on July 17, the Private Equity Creative Action Network (PECAN) will be bringing a creative and strong message to the executives of KKR, including the delivery a giant invoice that makes it clear that KKR has a long overdue debt to our community and world. To help make this action a success and to kick off a summer of actions against private equity, we are inviting people to participate and to get involved on the day (in particular we are looking for: video artists, anti-capitalist cheerleaders, independent media makers, musicians, DJ's, clowns and of course - activists).
What is private equity?
A worker’s guide to private equity [PDF]
- CASE STUDY 1: Boots (the pharmaceutical, health and beauty retailer)
The recent purchase of Boots (pharmaceutical, health and beauty retailer) by the private equity firm Kohlberg, Kravis and Roberts (KKR) was financed with £8 billion worth of debt, which allows KKR to deduct around £500 million in ‘interest expenses’ from the net income of Boots. Given that the taxable income for Boots in 2006 was [...]
- CASE STUDY 2: Tenovis
A coalition of private equity firms, including KKR took over German telecom company Tenovis in 2000. Within two years of purchasing the company, they laid off 3500 of the 8000 workers and forced many of the remaining workers to accept a 12.5% pay-cut in exchange for the ‘right’ to keep working. KKR bought the company [...]
