Business
Onex completes $960 million acquisition of Husky Injection Molding Systems
All amounts are in Canadian dollars, except as otherwise specified. TORONTO, Dec. 13 /CNW/ - Onex...
About this update from Onex Corporation
[{"type":"text","content":"\n\n\n\nAll amounts are in Canadian dollars, except as otherwise specified.\n\n\nTORONTO, Dec. 13 /CNW/ - Onex Corporation (OCX - TSX) and Husky Injection\nMolding Systems Ltd. ("Husky") (HKY - TSX) today announced that Onex has\ncompleted its $960 million acquisition of Husky.\n\n\nHusky is one of the world's largest suppliers of injection molding\nequipment and services to the plastics industry. The company's broad product\nlines offer its customers the ability to manufacture a wide range of plastics\nproducts such as bottles and caps for beverages, containers for food,\nautomotive components, and consumer electronics parts. Husky has a sales and\nservice network consisting of more than 40 offices worldwide, as well as\nmanufacturing facilities in Canada, the United States, Luxembourg and China.\n\n\n"Husky has a strong and talented management team that has successfully\ngrown the business to be an iconic Canadian manufacturer and global leader in\ninjection molding equipment. We are delighted to work with them in the next\nphase of the company's growth," said Anthony Munk, Managing Director at Onex.\n"We see a number of opportunities to grow the business from Husky's leadership\nposition in this industry."\n\n\n"I am pleased that shareholders overwhelmingly approved the arrangement\nfor Onex to acquire Husky," said John Galt, Husky's President and CEO. "I\nwould like to thank them for their support over the years and now look forward\nto partnering with Onex to execute our strategic plan and continue to grow the\nbusiness."\n\n\nOnex and the Onex Partners Funds invested approximately $630 million of\nequity in Husky. Onex, as a limited partner in the Funds, invested\n$226 million. Husky is the sixth investment completed by Onex Partners II,\nOnex' US$3.5 billion private equity fund. With this acquisition, Onex Partners\nII has invested approximately 75% of its capital commitments and Onex is\npreparing to launch Onex Partners III, anticipated to be US$4.5 billion.\n\n\nAbout Onex\n\n\nOnex makes private equity investments through the Onex Partners and ONCAP\nfamily of funds. Onex also has a Real Estate Fund and a Distressed Debt Fund.\nThrough these Funds, Onex generates annual management fee income from third\nparties and is also entitled to a carried interest on $4.6 billion...