Onex Subsidiary, Commercial Vehicle Group, Prices $160 Million IPO

TORONTO--Aug. 6, 2004--All amounts in Canadian dollars unless otherwise stated

Onex Corporation (TSX:OCX) announced today that its subsidiary, Commercial Vehicle Group, Inc. ("Commercial Vehicle Group"), has priced a $160 million initial public offering of shares . The offering, which is to close on August 10, 2004, includes both a primary and a secondary component. The primary sale of shares by Commercial Vehicle Group will result in that company receiving net proceeds of approximately $48 million, which it will use to reduce outstanding indebtedness and for general corporate purposes.

The secondary sale of shares by Onex and certain other shareholders will result in Onex receiving approximately $55 million in net proceeds. In addition, Onex will receive approximately $25 million on the repayment of debt held by Onex. As a result of this offering and the sale of shares, Onex will hold approximately 4.3 million shares of Commercial Vehicle Group, which has a value of approximately $73 million at the offering price. Onex' investment in the equity and debt of Commercial Vehicle Group was at a cost of approximately $69 million. Onex will be the largest shareholder in Commercial Vehicle Group, with an approximate 25% ownership interest following this offering, but will cease to have a controlling ownership interest.

Commercial Vehicle Group has also granted to the underwriters of the offering an over-allotment option to purchase an additional 1,387,500 shares for gross proceeds to Commercial Vehicle Group of approximately $22 million.

This offering was lead managed by Credit Suisse First Boston and co-managed by Robert W. Baird & Co. Incorporated, Lehman Brothers Inc., and RBC Capital Markets Corporation.

Commercial Vehicle Group is a leading supplier of interior systems, vision safety solutions and other cab-related products for the global commercial vehicle market, including the heavy-duty (Class 8) truck market, construction market and other specialized transportation markets. The company's products include suspension seat systems, interior trim systems, such as instrument and door panels, headliners, cabinetry and floor systems, mirrors, wiper systems, controls and switches specifically designed for applications in the commercial vehicle cabs.

Onex Corporation is a diversified company with annual consolidated revenues of approximately $16 billion and consolidated assets of approximately $14 billion. Onex is one of Canada's largest companies with global operations in service, manufacturing and technology industries. Its operating companies include Celestica Inc., Magellan Health Services, Inc., ClientLogic Corporation, Cineplex Galaxy, J.L. French Automotive Castings, Inc., Commercial Vehicle Group, Inc., Res-Care, Inc., InsLogic Corporation, Performance Logistics Group, Inc. and Radian Communication Services Corporation. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.

For more information on Onex Corporation, visit its website at www.onex.com.

Onex Corporation's security filings can also be accessed at www.sedar.com.

The offering is being made only by means of a Prospectus. A copy of the written prospectus related to this offering may be obtained from Credit Suisse First Boston LLC, Prospectus Department, One Madison Avenue, New York, NY 10010 (telephone no. 212-325-2580).

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.