Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, March 21, 2012Tue, March 20, 2012Mon, March 19, 2012Sat, March 17, 2012Fri, March 16, 2012Thu, March 15, 2012Wed, March 14, 2012Tomkins to Sell Schrader Division
Published in Stocks and Investing on Monday, March 19th 2012 at 6:41 GMT by Market Wire
March 19, 2012 09:31 ET
Tomkins to Sell Schrader Division
TORONTO, ONTARIO--(Marketwire - March 19, 2012) -
All amounts in U.S. dollars unless otherwise stated.
Onex Corporation ("Onex") (TSX:OCX) announced today that Tomkins, 50% owned by each of Onex and Canada Pension Plan Investment Board, has entered into an agreement to sell its Schrader division to an affiliate of Madison Dearborn Partners, LLC. The sale price will be $505 million in cash plus a small minority equity interest in the parent of the purchasing company. Proceeds of the sale are expected to be used primarily to repay existing indebtedness at Tomkins.
Schrader manufactures tire pressure monitoring systems, valve products and tire hardware and related accessories for both original equipment manufacturers and aftermarket customers.
The closing of the transaction is subject to customary conditions and is expected to occur in the second quarter of 2012.
About Onex
Onex is one of North America's oldest and most successful investment 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. As well, Onex invests its own capital directly and as a substantial limited partner in its Funds.
Onex' businesses have assets of $41 billion, generate annual revenues of $37 billion and employ approximately 246,000 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.
