TORONTO, ONTARIO--(Marketwire - Sept. 27, 2012) -
All amounts in U.S. dollars unless otherwise stated
Onex Corporation ("Onex") (TSX:OCX) announced today that Tomkins, jointly owned by Onex and Canada Pension Plan Investment Board, has entered into an agreement to sell its Dexter Axle division to an affiliate of The Sterling Group. The sale price will be $360 million in cash, subject to certain customary adjustments.
The Dexter Axle division manufactures trailer axle, brake and suspension assemblies and related replacement parts and components.
The closing of the transaction is subject to customary conditions and is expected to occur in the fourth quarter of 2012. Including this transaction and the pending sale of the Air Distribution division, Tomkins will have sold seven non-core businesses for proceeds of approximately $2.5 billion.
Onex is one of North America's oldest and most successful private equity firms committed to acquiring and building high-quality businesses in partnership with talented management teams. Onex manages investment platforms focused on private equity, real estate and credit securities. In total, the Company manages approximately $14 billion, of which $9 billion is third-party capital. Onex invests its approximately $5 billion of proprietary capital directly and as a substantial limited partner in its Funds.
Onex' businesses have assets of $39 billion, generate annual revenues of $34 billion and employ approximately 235,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The company's security filings can also 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.