Onex to sell stake in RSI Home Products for $323 million
(Reuters) - Canadian private equity firm Onex Corp (OCX.TO) said on Monday it plans to sell its 50 percent stake in RSI Home Products back to the privately held company for about $323 million.
Onex said its investment in RSI, which manufactures kitchen and bathroom cabinets, has generated significant returns for its fund.
Onex invested $318 million in RSI in October 2008. Following the close of the sale, Onex will have received total proceeds of about $471 million from RSI, including prior distributions.
Toronto-based Onex said it expects the deal to close by the end of March, subject to closing conditions, including a financing condition for the benefit of RSI.
(Reporting by Euan Rocha; Editing by Gerald E. McCormick)
WASHINGTON - The Federal Reserve on Wednesday reaffirmed it was in no rush to raise interest rates, even as it upgraded its assessment of the U.S. economy and expressed some comfort that inflation was moving up toward its target.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.