All amounts are in Canadian dollars, except as otherwise specified.
TORONTO, Dec. 13 /CNW/ - Onex Corporation (OCX - TSX) and Husky Injection
Molding Systems Ltd. ("Husky") (HKY - TSX) today announced that Onex has
completed its $960 million acquisition of Husky.
Husky is one of the world's largest suppliers of injection molding
equipment and services to the plastics industry. The company's broad product
lines offer its customers the ability to manufacture a wide range of plastics
products such as bottles and caps for beverages, containers for food,
automotive components, and consumer electronics parts. Husky has a sales and
service network consisting of more than 40 offices worldwide, as well as
manufacturing facilities in Canada, the United States, Luxembourg and China.
"Husky has a strong and talented management team that has successfully
grown the business to be an iconic Canadian manufacturer and global leader in
injection molding equipment. We are delighted to work with them in the next
phase of the company's growth," said Anthony Munk, Managing Director at Onex.
"We see a number of opportunities to grow the business from Husky's leadership
position in this industry."
"I am pleased that shareholders overwhelmingly approved the arrangement
for Onex to acquire Husky," said John Galt, Husky's President and CEO. "I
would like to thank them for their support over the years and now look forward
to partnering with Onex to execute our strategic plan and continue to grow the
Onex and the Onex Partners Funds invested approximately $630 million of
equity in Husky. Onex, as a limited partner in the Funds, invested
$226 million. Husky is the sixth investment completed by Onex Partners II,
Onex' US$3.5 billion private equity fund. With this acquisition, Onex Partners
II has invested approximately 75% of its capital commitments and Onex is
preparing to launch Onex Partners III, anticipated to be US$4.5 billion.
Onex makes private equity investments through the Onex Partners and ONCAP
family of funds. Onex also has a Real Estate Fund and a Distressed Debt Fund.
Through these Funds, Onex generates annual management fee income from third
parties and is also entitled to a carried interest on $4.6 billion of that
capital. In addition, Onex invests its own $4.2 billion of capital in both
direct investments and as a Limited Partner in its Funds. Onex' 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. For more information on Onex, visit its
website at www.onex.com. The company's security filings can also be accessed
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.
For further information:
For further information: Alexandra Walsh, Marketing & Communications,
Husky Injection Molding Systems, (905) 951-5000 ext. 3653, firstname.lastname@example.org;
Chris Govan, Managing Director, Onex, (416) 362-7711, email@example.com