Onex Corporation
TSX : OCX.SV

Onex Corporation

April 03, 2006 17:56 ET

Onex' Spirit AeroSystems Completes Acquisition of BAE Systems Aerostructures

TORONTO, ONTARIO--(CCNMatthews - April 3, 2006) -

All amounts in Canadian dollars unless otherwise stated

Onex Corporation (TSX:OCX.SV) announced today that its subsidiary, Spirit AeroSystems, Inc., has completed the acquisition of the Aerostructures business unit of BAE Systems, with operations in Prestwick, Scotland and Samlesbury, England. The acquisition was completed in accordance with the terms previously announced, with the purchase being funded entirely by Spirit.

Spirit AeroSystems is the world's largest independent supplier of structures for commercial aircraft. Formed by Onex in June 2005, Spirit continues its work on designing and building part of every Boeing commercial aircraft currently in production. Spirit also designs and builds aircraft production tooling, has composite capabilities, and provides spares and aftermarket support to airlines. More than 80 percent of the revenues of the newly-acquired European operations are earned from sales to Airbus.

Onex Corporation is a diversified company with annual consolidated revenues of more than $17 billion and consolidated assets of approximately $15 billion. Onex is one of Canada's largest companies with global operations in service, manufacturing and technology industries. Its operating companies include Celestica Inc., Spirit AeroSystems, Inc., Emergency Medical Services Corporation, Skilled Healthcare Group, Inc., ClientLogic Corporation, Cineplex Entertainment Limited Partnership, Res-Care, Inc., 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, visit its website at www.onex.com.

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

Contact Information

  • Onex
    Nigel Wright
    (416) 362-7711
    www.onex.com
    or
    Spirit AeroSystems
    Fred Solis
    (316) 526-3153