Onex Corporation

Onex Corporation

May 25, 2005 13:33 ET

Statement From Onex on Outcome of IAM Vote

TORONTO, ONTARIO--(CCNMatthews - May 24, 2005) - Nigel Wright, Onex Corporation (TSX:OCX.SV) managing director, reacted today to the results of the IAM ratification vote relating to the contract offer made in connection with Onex's pending acquisition of Boeing Commercial Airplanes Wichita/Oklahoma operations. "We are obviously disappointed at the outcome of today's vote. We do thank those who voted in favor of the contract offer -- we believe this is fair and reasonable," Wright said.

"We are offering a chance to bring new investments, new customers, new work, new jobs, and greater job security to the Wichita facility," added Wright. "We believe we bring the right solution for the men and women who work here. Change is necessary in light of Boeing's decision that the facility no longer fits into their plans."

Wright concluded, "We are reviewing our options and want to give them careful consideration before making a determination about our next steps."

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 . For the latest information on the proposed acquisition of the Wichita/Tulsa Division, visit .

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.

Contact Information