Onex to Acquire KraussMaffei for EUR 568 Million

TORONTO, ONTARIO--(Marketwire - Sept. 26, 2012) -

All amounts in U.S. dollars unless otherwise stated

Onex Corporation ("Onex") (TSX:OCX) today announced that it has agreed to acquire KraussMaffei AG ("KraussMaffei"), a leading manufacturer of plastic and rubber processing equipment, for EUR568 million. The transaction is anticipated to close by March 31, 2013 subject to customary conditions and regulatory approvals.

Based in Munich, Germany, KraussMaffei is a global leader in the design and manufacturing of machinery and systems for the processing of plastics and rubber. The company manufactures machinery for the injection molding, extrusion and reaction process segments. KraussMaffei has approximately 4,000 employees and operates key manufacturing facilities in Germany, Switzerland, Slovakia and China. For the twelve months ended June 30, 2012, the company generated approximately EUR 1.0 billion in revenues.

"KraussMaffei is a global leader in each of its three segments, with a decades-long reputation for technology and quality," said David Mansell, an Onex Managing Director. "We look forward to working with Jan Siebert and his management team to further build on the company's market-leading position."

"We're very pleased to be partnering with Onex given its track record and experience in our industry," commented Jan Siebert, Chief Executive Officer of KraussMaffei. "With Onex' backing, we intend to strengthen our global presence and build on our success at the high-end of the industry."

"KraussMaffei is the first European-based investment for Onex Partners III, and, like many of our existing businesses, serves markets globally," said Tony Morgan, a Managing Director in Onex' London office. "I look forward to working with my colleagues to find similar investment opportunities as we build our business in Europe."

Onex Partners III, Onex' $4.7 billion flagship private equity fund, will make an equity investment of approximately $340 million, of which Onex' share is about $86 million as a Limited Partner in the Fund. Including this transaction and the recently announced acquisition of SGS International, the Fund will be approximately 60% invested.

About Onex

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.

About KraussMaffei

KraussMaffei is a global leader in the plastics and rubber processing industries. The company covers all areas of injection molding machinery, extrusion technology and reaction process machinery, which gives it a unique selling point in the industry. With its focus on product innovation and highly customized process and service solutions, KraussMaffei provides its customers with comprehensive solutions across the entire value chain. Through its KraussMaffei, KraussMaffei Berstorff and Netstal brands, the company serves customers in many sectors including the automotive, packaging, medical and construction industries. The KraussMaffei Group has a long-standing tradition in international mechanical engineering and employs around 4,000 people globally. KraussMaffei has been headquartered in Munich, Germany, since 1838. To learn more about the company, please visit www.kraussmaffeigroup.com.

Forward-Looking Statements

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.