Onex Corporation
TSX : OCX

Onex Corporation
Husky Injection Molding Systems Ltd.
TSX : HKY

Husky Injection Molding Systems Ltd.

October 22, 2007 15:56 ET

Husky Injection Molding Systems Ltd. Announces Revised Offer of $8.235 Per Share From Onex Corporation

TORONTO, ONTARIO--(Marketwire - Oct. 22, 2007) -

All amounts are in Canadian dollars.

Husky Injection Molding Systems Ltd. ("Husky") (TSX:HKY) and Onex Corporation ("Onex") (TSX:OCX) 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.

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