Onex Corporation

Onex Corporation

March 01, 2005 17:52 ET

Onex Names Stephen Page To Wichita/Tulsa Transition Team


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ONEX CORPORATION

TSX SYMBOL: OCX.SV

MARCH 1, 2005 - 17:52 ET

Onex Names Stephen Page To Wichita/Tulsa Transition
Team

TORONTO, ONTARIO--(CCNMatthews - March 1, 2005) - All amounts in
Canadian dollars unless otherwise stated

Onex Corporation (TSX:OCX.SV) announced today Stephen F. Page will join
Onex' team of advisors charged with preparing for a successful launch of
the Wichita/Tulsa Division of Boeing Commercial Airplanes (BCA) as a
thriving independent company following the completion of Onex' purchase.
Onex announced on Feb. 22 its agreement to acquire the Wichita/Tulsa
Division.

Mr. Page will provide strategic counsel to Onex through closing and
thereafter to the new company and Jeff Turner, who is intended to become
the chief executive officer of the new company at closing. Areas of Mr.
Page's focus will include assessing the incremental finance functions
required by the new company and related personnel and organizational
requirements. The new company intends to develop certain finance
functions in Wichita and/or Tulsa, such as treasury, credit management,
and accounts receivable, that have previously been handled by BCA in
Seattle or Chicago.

"I am truly excited to have someone of Steve's caliber join Onex'
transition team," Turner said. "His talents and wisdom will help the new
company succeed in Wichita and Tulsa."

Previously, Mr. Page served as vice chairman and chief financial officer
of United Technologies Corporation (UTC), a provider of high technology
products and services to the building services and aerospace industries,
from 2002 until his retirement in April 2004. From 1993 to 2002, he held
a number of senior management positions with Otis Elevator Company, a
subsidiary of UTC, including the company's president and chief executive
officer, which he served from 1997 to 2002. Prior to joining UTC in
1993, he was chief financial officer of Black & Decker Corporation. Mr.
Page serves on the boards of directors of Lowe's Companies, Inc.,
Liberty Mutual Insurance Company, Inc., and PACCAR, Inc.

Onex Corporation is a diversified company with annual consolidated
revenues of approximately $16 billion and consolidated assets of
approximately $12 billion. Onex is one of Canada's largest companies
with 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.

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.

As of its date, this press release contains all material information
associated with this event.

For more information on Onex Corporation, visit its Web site at
www.onex.com.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Onex Corporation
    Nigel S. Wright or Seth M. Mersky
    (416) 362-7711
    www.onex.com