Onex Corporation
TSX : OCX.SV

Onex Corporation

May 26, 2005 10:34 ET

Onex Moving Forward With Boeing Purchase

TORONTO, ONTARIO--(CCNMatthews - May 26, 2005) - Nigel Wright, Onex Corporation
(TSX:OCX.SV) managing director, today reaffirmed the company's intention
to complete the purchase of Boeing Commercial Airplanes' Wichita/Oklahoma
operations. "Onex expects to complete the transaction by mid-June," Wright
said.

"Onex is firmly committed to this business," said Wright. "The new company
represents the only real option for new investment, new work, new jobs for
those who choose to come with us, and greater job security for these
communities and the families in them."

"We are disappointed with the outcome of the IAM vote. We feel the
IAM-represented workforce missed a real opportunity to have a contract in
place. In light of this, we will evaluate our staffing needs and extend
revised offer letters with new employment terms to that workforce over the
next two weeks," Wright added.

"We plan to continue discussions with the remaining bargaining units,"
Wright said. "For non-union employees, we'll be extending job offers within
the next three weeks."

"The day we complete this purchase is the day that Wichita and Oklahoma
get a new employer that is dedicated to investing in and growing this
business. We're excited about that, and we appreciate the support we have
received from employees and the communities."

Onex signed an asset purchase agreement related to commercial operations
in Kansas and Oklahoma with The Boeing Company on February 22, 2005.

Onex Corporation 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
http://www.onex.com . For the latest information on the proposed acquisition
of the Wichita/Tulsa Division, visit http://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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