Icahn Enterprises

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Icahn Enterprises L.P.
Master limited partnership
Public company
Traded asNASDAQIEP
IndustryConglomerate
PredecessorAmerican Real Estate Partners L.P.
FoundedFebruary 17, 1987; 31 years ago (February 17, 1987)
HeadquartersGeneral Motors Building
New York, New York
Key people
Carl Icahn, Chairman
Keith Cozza, CEO
SungHwan Cho, CFO[1]
RevenueIncrease $16.348 billion (2016)[1]
Increase -$1.128 billion (2016)[1]
Total assetsDecrease $33.335 billion (2016)[1]
Total equityDecrease $8.017 billion (2016)[1]
OwnerCarl Icahn
(93.6%)[1]
Number of employees
2,159[1]
Websitewww.ielp.com

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 and 95% owned by Carl Icahn.

History[edit]

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] Also In February 2016, the company acquired Pep Boys.[8]

In January 2017, the company acquired Federal-Mogul.[9] The company sold the casino to the owners of Hard Rock Cafe for $50 million in May 2017.[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]

Investments[edit]

The company owns the following:[1]

References[edit]

  1. ^ a b c d e f g h i j "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". Associated Press. Los Angeles Times. 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. ^ "Icahn Enterprises completes acquisition of Pep Boys" (Press release). GlobeNewswire. February 4, 2016.
  9. ^ "Icahn Enterprises Completes Acquisition of Federal-Mogul" (Press release). PRNewswire. January 23, 2017.
  10. ^ "Trump Taj Mahal casino sold for 4 cents on the dollar". Associated Press. Los Angeles Times. May 9, 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.

External links[edit]