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Onex swings back to profit, says it’s positioned for new deals

The Onex Corp. logo is displayed at the company's annual general meeting in Toronto in 2012.

Nathan Denette/The Canadian Press

Onex Corp. says it's well-positioned to make new acquisitions as part of its long-term buy-and-sell strategy.

The company recently agreed to acquire York Risk Services Group in a deal valued at $1.35-billion and divested its remaining holdings in Spirit AeroSystems at a profit.

Onex said its second-quarter results included a gain of $310-million recognized on the partial sale of Spirit AeroSystems in June. It sold the last of its Spirit shares last week.

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The Toronto-based company had $39-million of net income in the second quarter, including $447-million of net earnings from discontinued operations such as Wichita-based Spirit AeroSystems, a former Boeing manufacturing operation that Onex and its partners acquired in June, 2005, and recently divested completely after reducing their holdings over several years.

Onex's continuing operations – which include holdings in numerous companies in various industries – lost $408-million in the three months ended June 30.

A year earlier, Onex had an overall net loss of $718-million including $93-million from discontinued operations and $625-million from continuing operations.

Its revenues were largely unchanged compared to the same period last year at $5.2-billion.

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