ONEX MOVING FORWARD WITH BOEING PURCHASE
Stock Symbol: TSX: OCX.SV
Toronto, Ontario — May 26, 2005
TORONTO — Nigel Wright, Onex Corporation managing director, today reaffirmed the company's intention to complete the purchase of Boeing Commercial Airplanes' Wichita/Oklahoma operations. "Onex expects to complete the transaction by mid-June," Wright said.
"Onex is firmly committed to this business," said Wright. "The new
company represents the only real option for new investment, new work,
new jobs for those who choose to come with us, and greater job security
for these communities and the families in them."
"We are disappointed with the outcome of the IAM vote. We feel the
IAM-represented workforce missed a real opportunity to have a contract
in place. In light of this, we will evaluate our staffing needs and
extend revised offer letters with new employment terms to that
workforce over the next two weeks," Wright added.
"We plan to continue discussions with the remaining bargaining
units," Wright said. "For non-union employees, we'll be extending job
offers within the next three weeks."
"The day we complete this purchase is the day that Wichita and
Oklahoma get a new employer that is dedicated to investing in and
growing this business. We're excited about that, and we appreciate the
support we have received from employees and the communities."
Onex signed an asset purchase agreement related to commercial
operations in Kansas and Oklahoma with The Boeing Company on February
Onex Corporation is a diversified company with annual consolidated
revenues of approximately $18 billion and consolidated assets of
approximately $13 billion. Onex has global operations in service,
manufacturing, and technology industries. Its operating companies
include Celestica Inc., Magellan Health Services, Inc., ClientLogic
Corporation, Cineplex Galaxy LP, J.L. French Automotive Castings, Inc.,
Res-Care, Inc., Emergency Medical Services Corporation, Cosmetic
Essence, Inc., Center for Diagnostic Imaging, Inc., and Radian
Communication Services Corporation. Onex shares trade on the Toronto
Stock Exchange under the stock symbol OCX.SV.
For further information: Dan Wilinsky — 816-512-2386 Fleishman-Hillard
For more information on Onex Corporation, visit its Web site at www.onex.com.
For the latest information on the proposed acquisition of the Wichita/Tulsa Division, visit www.Mid-Westernaircraft.com.
This news release may contain forward-looking statements that
are based on management's current expectations and are subject to known
and unknown uncertainties and risks, which could cause actual results
to differ materially from those contemplated or implied by such
forward-looking statements. Onex is under no obligation to update any
forward-looking statements contained herein should material facts
change due to new information, future events or otherwise.
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