Onex Corporation
TSX : OCX

Onex Corporation

May 01, 2007 08:00 ET

Onex Acquires Kodak's Health Group

TORONTO, ONTARIO and NEW YORK, NEW YORK--(CCNMatthews - May 1, 2007) -

All amounts in Canadian dollars unless otherwise stated

Onex Corporation (TSX:OCX) announced today that it has completed the $2.6 billion (US$2.35 billion) acquisition of Eastman Kodak Company's Health Group, renamed Carestream Health, Inc.

Carestream Health has approximately 8,100 employees around the world serving tens of thousands of customers and generates $2.8 billion (US$2.5 billion) in annual sales with a goal to become one of the world's leading companies in the markets it serves: medical and dental digital and film imaging, digital information systems, molecular imaging and non-destructive testing.

"We are delighted to acquire a business with an impressive record of successful growth, tremendous opportunities for further value creation, and a first class management team under the leadership of Kevin J. Hobert, with whom we share a common vision for the future," said Robert M Le Blanc, an Onex Managing Director. "Carestream Health will continue to focus on customers and employees as its top priority. We and the Carestream Health management team are already exploring initiatives to enhance its market leading products and services."

"We have a terrific opportunity for our global organization to meet the growing imaging and information needs of our customers now and into the future" said Hobert, Chief Executive Officer of Carestream Health. "Onex has a long track record of acquiring businesses and working with them to achieve superior growth and operational excellence. Onex' expertise and its commitment to this business, together with Carestream Health's proven product portfolio, worldwide presence and highly talented employee base will result in tremendous opportunities to provide the best in customer service."

Onex has a 20-year track record of successfully acquiring and building major business divisions from companies such as American Airlines, IBM, Laidlaw, Aon, Boeing and Raytheon.

The equity investment of approximately $521 million (US$471 million) to complete the acquisition will be made by Onex Partners, Onex' large cap Private Equity Fund. The investment by Onex Corporation, as a limited partner in that fund, is approximately $206 million (US$186 million).

Onex manages third party private equity investments through the Onex Partners and ONCAP family of funds. It also manages a real estate fund and a public market fund. Through these activities Onex generates annual management fee income in excess of $60 million and is entitled to a carried interest on approximately $3.8 billion of third party capital.

Onex is a diversified company with annual consolidated revenues of approximately $26 billion and consolidated assets of approximately $26 billion. Onex is one of Canada's largest companies with global operations in service, manufacturing and technology industries. 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.

Onex' security filings can be accessed at www.sedar.com.

Contact Information

  • Onex Corporation
    Robert M. Le Blanc
    (212) 582-2211
    Website: www.onex.com