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Onex has acquired three aircraft parts plants from Boeing in Wichita, Tulsa, and McAlester for approximately $1.2 billion.

Onex will be investing $1 billion over five years into the plants.

"The money will go into capital expenditures and retooling, as well as building up the working capital on new aircraft programs and engineering," said Onex managing director Nigel Wright.

A GlobeAndMail.com article says:

"The facilities employ about 9,000 workers, including more than 7,000 in Wichita, 1,300 in Oklahoma and the rest in a so-called shared services group. About three-quarters of the new investment will focus on Wichita.

Onex, headed by Toronto businessman Gerald Schwartz, is seeking to return the plants to their glory days of the late 1990s, when the three facilities employed 18,000 people. The terrorist attacks on Sept. 11, 2001, led to a sharp downturn in aircraft demand, leading to widespread layoffs at the Boeing plants."

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