Onex Corporation
TSX : OCX.SV

Onex Corporation

June 01, 2005 17:12 ET

Onex Corporation: Mid-Western Aircraft Systems Continues Employment Process

TORONTO, ONTARIO--(CCNMatthews - June 1, 2005) - Onex Corporation (TSX:OCX.SV) Managing Director Nigel Wright announced today that Mid-Western Aircraft Systems will continue the employment process for current Boeing Commercial Airplanes employees in Wichita and Oklahoma this weekend. UAW-represented employees in Tulsa have already received letters, all of which remain in effect. IAM-represented employees in Wichita should expect to receive letters this weekend, along with other Wichita employees. The vast majority of the letters will contain offers of employment from Mid-Western.

"We are excited to be in the final stages of building our team," Wright said. "We want to move past the period of uncertainty for employees and therefore, want to proceed as quickly as possible."

"This process supports our plan to complete the purchase of the Wichita and Oklahoma operations in mid-June," Wright said. "We stand ready to move forward with a great team, building world-class products for Boeing and other equipment manufacturers around the world. We firmly believe this is the best option for employees, their families, and communities."

Wright concluded, "This sale will bring new customers, new investments, new work and, ultimately, new jobs to these facilities and the people who rely on them."

Onex Corporation (TSX:OCX.SV) is a diversified company with annual consolidated revenues of approximately $18 billion and consolidated assets of approximately $13 billion. Onex has global operations in service, manufacturing, and technology industries. Its operating companies include Celestica Inc., Magellan Health Services, Inc., ClientLogic Corporation, Cineplex Galaxy LP, J.L. French Automotive Castings, Inc., Res-Care, Inc., Emergency Medical Services Corporation, Cosmetic Essence, Inc., Center for Diagnostic Imaging, Inc., and Radian Communication Services Corporation. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.SV.

For more information on Onex Corporation, visit its Web site at www.onex.com. For the latest information on the proposed acquisition of the Wichita/Tulsa Division, visit www.midwesternaircraft.com.

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

All amounts in Canadian dollars unless otherwise stated.

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