Husky Injection Molding Systems Ltd. announces revised offer of $8.235 per share from Onex Corporation



    All amounts are in Canadian dollars.

    TORONTO, Oct. 22 /CNW/ - Husky Injection Molding Systems Ltd. ("Husky")
(HKY - TSX) and Onex Corporation ("Onex") (OCX - TSX) announced today that
they, and Robert and Elizabeth Schad, have agreed to amend the price being
offered by Onex Partners II, LP ("Onex Partners") to purchase all the common
shares of Husky to a price of $8.235 per share for those held by all
shareholders other than the Schads and their holding company, and $8.10 per
share for the shares held by the Schads and their holding company. Husky, Onex
and the Schads had previously agreed that Onex Partners would offer to
purchase all the Husky shares for a price of $8.18 per share. The new split
price offer amounts to the same aggregate consideration of approximately
$960 million for the acquisition of Husky.
    The Schads advised the Husky Board that they had agreed to accept the
lower price in order that public shareholders could receive a price that was
closer to Robert Schad's target price for Husky.
    The $8.235 per share cash consideration represents a 39.58% premium over
the closing price of the common shares on the Toronto Stock Exchange on
March 7, 2007, the last trading day prior to the announcement by Husky of the
strategic review process.

    About Husky

    Husky Injection Molding Systems Ltd. (www.husky.ca) is a leading global
supplier of injection molding equipment and services to the plastics industry.
The Company has more than 40 service and sales offices, supporting customers
in over 100 countries. Husky's manufacturing facilities are located in Canada,
the United States, Luxembourg and China. The Company's common shares (HKY) are
listed on the Toronto Stock Exchange.

    About Onex

    Onex Corporation (www.Onex.com) makes private equity investments through
the Onex Partners and ONCAP family of Funds. Through these Funds, which have
third-party capital as well as Onex capital, Onex generates annual management
fee income from third-party capital and is entitled to a carried interest on
that capital. The third-party capital under management currently has a value
of approximately $5 billion. Onex also has a Real Estate Fund. Onex's
operating companies generate annual revenues of $33 billion, have assets of
$37 billion and employ 227,000 people worldwide. Onex shares trade on the
Toronto Stock Exchange under the stock symbol OCX.

    %SEDAR: 00011000E




For further information:

For further information: Steve Snyder, Marketing & Communications, Husky
Injection Molding Systems, (905) 951-5000 ext. 2019, ssnyder@husky.ca; Anthony
Munk, Onex, (416) 362-7711, amunk@onex.com

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HUSKY INJECTION MOLDING SYSTEMS LTD.

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