Icahn Enterprises

Icahn Enterprises L.P. is an American conglomerate headquartered at the General Motors Building in New York City. The company has investments in various industries including auto parts, energy, metals, rail cars, casinos, food packaging, real estate, and home fashion.[1] The company is controlled by Carl Icahn, who owns 95% of it.

Icahn Enterprises L.P.
TypeMaster limited partnership
Public company
NASDAQ: IEP
IndustryConglomerate
PredecessorAmerican Real Estate Partners L.P.
FoundedFebruary 17, 1987 (February 17, 1987)
HeadquartersGeneral Motors Building
New York City
United States
Key people
Carl Icahn, Chairman
Keith Cozza, CEO
SungHwan Cho, CFO[1]
Revenue $16.348 billion (2016)[1]
-$1.128 billion (2016)[1]
Total assets $33.335 billion (2016)[1]
Total equity $8.017 billion (2016)[1]
OwnerCarl Icahn
(93.6%)[1]
Number of employees
2,159[1]
Websitewww.ielp.com

History

The company was incorporated on February 17, 1987.[1]

In 2006, the company sold the Sands Atlantic City hotel in Atlantic City, New Jersey and several of the adjacent lots for $274.8 million to Pinnacle Entertainment.[2]

In April 2007, the company sold its American Casino & Entertainment Properties to an affiliate of Goldman Sachs, for $1.3 billion.[3][4] In September 2007, American Real Estate Partners, another entity controlled by Icahn, merged with the firm and changed its name to Icahn Enterprises L.P.[5]

In 2008, the company acquired PSC Metals for $335 million.[6]

In February 2016, Icahn Enterprises purchased Trump Entertainment Resorts, which owned the Hard Rock Hotel & Casino Atlantic City.[7] The company sold the casino to the owners of Hard Rock Cafe for $50 million in May 2017 - which represented a recuperation of just 4 cents on the dollar.[8] Also in February 2016, the company acquired Pep Boys.[9]

In January 2017, the company acquired Federal-Mogul.[10] In June 2017, the company acquired Precision Auto Care, a chain of over 250 vehicle repair shops.[11] In August 2017, the company sold the property formerly known as the Fontainebleau Resort Las Vegas for $600 million. The company had acquired the property in 2010 for $148 million.[12] In October 2017, the company acquired American Driveline Systems.[13] The company had 89,034 employees as of 2017.[14]

In October 2020, Carl Icahn announced his son Brett would succeed him as chairman of Icahn Enterprises and CEO of its investment subsidiary Icahn Capital LP.[15]

In November 2020, Icahn Enterprises reported third quarter losses of $714 million, compared to a loss of $49 million the same quarter the previous year.[16]

Investments

The company owns the following:[1]

References
  1. "Icahn Enterprises L.P. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Jones, David (September 5, 2006). "Icahn sells Atlantic City property for $270M". Crain Communications.
  3. "Icahn to sell casinos for $1.3 billion". Los Angeles Times. Associated Press. April 24, 2007.
  4. Lufrano, Sonny (March 5, 2001). "Icahn sells Southern Nevada casinos". American City Business Journals.
  5. Keehner, Jonathan (November 6, 2007). "Icahn Enterprises buys PSC Metals for $335 mln". Reuters.
  6. Hamilton, Dane (March 5, 2001). "AREP buys $7 billion Icahn fund management firm". Reuters.
  7. Jamerson, Joshua (March 2, 2016). "Tropicana to manage Trump Taj Mahal; Icahn chides N.J. Leaders". The Wall Street Journal.(subscription required)
  8. "Trump Taj Mahal casino sold for 4 cents on the dollar". Los Angeles Times. Associated Press. May 9, 2017.
  9. "Icahn Enterprises completes acquisition of Pep Boys" (Press release). GlobeNewswire. February 4, 2016.
  10. "Icahn Enterprises Completes Acquisition of Federal-Mogul" (Press release). PRNewswire. January 23, 2017.
  11. Hansen, Drew (June 2, 2017). "Icahn reaches deal to buy Leesburg-based Precision Auto". American City Business Journals.
  12. "Icahn Enterprises L.P. Completes Sale of the Former Fontainebleau Las Vegas Property for $600 million" (Press release). GlobeNewswire. August 29, 2017.
  13. "Icahn Enterprises L.P. Acquires American Driveline Systems, Franchisor of AAMCO and Cottman Service Centers" (Press release). Business Wire. October 2, 2017.
  14. "Icahn Enterprises". Fortune. Retrieved 2018-11-18.
  15. www.bizjournals.com https://www.bizjournals.com/southflorida/news/2020/10/05/carl-icahn-succession-icahn-enterprises.html. Retrieved 2020-10-08. Missing or empty |title= (help)
  16. Wolinsky, Jacob. "Carl Icahn Had An Atrocious Third Quarter". Forbes. Retrieved 2020-11-18.
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