Onex Corporation to acquire Husky Injection Molding Systems Ltd.



    All amounts are in Canadian dollars.

    TORONTO, Sept. 28 /CNW/ - Husky Injection Molding Systems Ltd. ("Husky")
(HKY - TSX) and Onex Corporation ("Onex") (OCX - TSX) announced today that
they have entered into a support agreement whereby Onex will offer to acquire
all of the issued and outstanding common shares of Husky at a price of $8.18
cash per common share (the "Offer"). The total equity value of the transaction
is approximately $960 million.
    The $8.18 per share cash consideration represents a 38.6% 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. Husky's stock closed trading on September 27, 2007
at $7.58.
    The transaction will be carried out by way of a statutory plan of
arrangement that is subject to court, shareholder and normal regulatory
approvals. Husky expects to hold a meeting of shareholders to consider the
proposal on or about Thursday, December 6, 2007, and if approved, to complete
the sale by mid-December 2007.
    Robert Schad, Husky's controlling shareholder, and his spouse, Elizabeth
Schad, have entered into an exclusive and irrevocable voting agreement which
provides that they will vote 47,705,670 common shares owned by them in favor
of the arrangement. They have also agreed to vote an additional 3,971,713
shares controlled by them in favor of the arrangement. In total, this
represents 44.08% of the issued and outstanding common shares of Husky.
    The Board of Directors of Husky has unanimously recommended that
shareholders accept the Offer. Husky, with assistance from its financial
advisor, Citi, conducted an extensive strategic review process involving bids
received from numerous interested strategic and financial investors.
    "When we began this process six months ago, my primary concern was to
ensure that my stake in Husky would go to the right owner. Having concluded
the review process, I am convinced that Onex is the right long-term home for
Husky," said Robert Schad, Chairman of the Board of Directors and founder of
Husky. "They have shown a solid appreciation of Husky's strategy and
strengths, and bring expertise in a number of areas that will help take the
Company to the next level."
    "Husky's management team is excited about partnering with Onex to execute
our strategic plan and continue to grow the business," said John Galt,
President and Chief Executive Officer of Husky. "I am confident in Husky's
long-term strategic direction and look forward to working with Onex in this
next phase of our growth."
    "Husky is one of Canada's premier manufacturers and a globally recognized
industry leader," said Anthony Munk, Managing Director, Onex Partners. "We are
delighted to be partnering with Husky's management team and look forward to
building on its history of product innovation and technology leadership."

    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: Alexandra Walsh, Marketing & Communications,
Husky Injection Molding Systems, (905) 951-5000 ext. 3653, awalsh@husky.ca;
Anthony Munk, Managing Director, Onex Partners, (416) 362-7711,
amunk@onex.com

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HUSKY INJECTION MOLDING SYSTEMS LTD.

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