Onex Completes Acquisition of KraussMaffei Group

TORONTO, ONTARIO--(Marketwire - Dec. 28, 2012) -

All amounts in U.S. dollars unless otherwise stated

Onex Corporation ("Onex") (TSX:OCX) today announced that it has completed the acquisition of KraussMaffei Group, a leading manufacturer of plastic and rubber processing equipment, for EUR568 million. Onex Partners III invested $353 million, of which Onex' share is approximately $89 million as a limited partner in the Fund.

About Onex

With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The Company has approximately $14 billion of assets under management, including $4.8 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its 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 Group

The KraussMaffei Group 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, the KraussMaffei Group 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. The KraussMaffei Group 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.