Onex acquires Tube City IMS.Onex Corp., based in Toronto, has agreed to acquire Tube City IMS (1) See IP Multimedia Subsystem. (2) (Information Management System) An early IBM hierarchical DBMS for IBM mainframes. IMS was widely implemented throughout the 1970s under MVS and continues to be used under z/OS. Corp., Glassport, Pa., a provider of outsourced services to steel mills, in a transaction valued at about $720 million. Tube City IMS, operating at 66 steel mills throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Europe, through its Tube City and IMS divisions, provides raw materials procurement, scrap and materials management Materials management is the branch of logistics that deals with the tangible components of a supply chain. Specifically, this covers the acquisition of spare parts and replacements, quality control of purchasing and ordering such parts, and the standards involved in ordering, and slag processing services. The company employs nearly 2,350. "We have found an exceptional and strong management team at Tube City IMS," Tim Duncanson, an Onex managing director, says. "The company is the largest outsourced provider of these services in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and the team has positioned Tube City IMS to become the global leader. We're excited to partner with them and work together to achieve this goal," he adds. "Onex has a successful track record of developing global leaders, particularly in outsourcing, and we believe our company will benefit greatly from its experience," I. Michael Coslov, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Tube City IMS, says. "We are delighted to have found in Onex a partner that shares management's vision to grow and expand the business." The acquisition is subject to customary conditions and is expected to close early in 2007. The equity investment of approximately $240 million will be made through Onex Partners II, Onex' $3.5 billion private equity fund, and will include a significant investment by Tube City IMS's senior management team. Onex manages third-party private equity investments through its Onex Partners and ONCAP family of funds Family of Funds A group of mutual funds offered by one investment or fund company. Each mutual fund has different characteristics and can range depending on investment objective. Also referred to as a "Mutual Fund Family" or simply a "Fund Family". as well as a real estate and a public market fund. |
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