Icahn Enterprises
 | |
| Type | Master limited partnership Public company |
|---|---|
| Nasdaq: IEP | |
| Industry | Conglomerate |
| Predecessor | American Real Estate Partners L.P. |
| Founded | February 17, 1987 |
| Headquarters | Sunny Isles Beach, Florida 33160 |
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] |
| Owner | Carl Icahn (93.6%)[1] |
Number of employees | 2,159[1] |
| Website | www |
Icahn Enterprises L.P. is an American conglomerate headquartered at Milton Tower in Sunny Isles Beach, Florida. [2] The company has investments in various industries including energy, automotive, food packaging, metals, real estate and home fashion.[1] The company is controlled by Carl Icahn, who owns 95% of it.
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.[3]
In April 2007, the company sold its American Casino & Entertainment Properties to an affiliate of Goldman Sachs, for $1.3 billion.[4][5] 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.[6]
In 2008, the company acquired PSC Metals for $335 million.[7]
In February 2016, Icahn Enterprises purchased Trump Entertainment Resorts, which owned the Hard Rock Hotel & Casino Atlantic City.[8] 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.[9] Also in February 2016, the company acquired Pep Boys.[10]
In January 2017, the company acquired Federal-Mogul.[11] In June 2017, the company acquired Precision Auto Care, a chain of over 250 vehicle repair shops.[12] 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.[13] In October 2017, the company acquired American Driveline Systems.[14] The company had 89,034 employees as of 2017.[15]
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.[16]
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.[17]
Investments[]
The company owns the following:[18]
- Pep Boys
- CVR - petroleum refining and nitrogen fertilizer manufacturing
- American Railcar Industries
- PSC Metals
- Ferrous Resources (77.2%) - owns mining rights in Brazil
- Viskase (74.6%) - produces cellulosic, fibrous and plastic casings for the processed meat and poultry industry.
- Bayswater Development - a real estate development company operating in Vero Beach, Florida and New Seabury, Massachusetts
- WestPoint Home - bed and bath fashion productions
- Vivus - pharma
References[]
- ^ Jump up to: a b c d e f g h i "Icahn Enterprises L.P. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ Kosman, Josh (2020-08-12). "Carl Icahn has officially ditched NYC for Florida". New York Post. Retrieved 2021-05-17.
- ^ Jones, David (September 5, 2006). "Icahn sells Atlantic City property for $270M". Crain Communications.
- ^ "Icahn to sell casinos for $1.3 billion". Los Angeles Times. Associated Press. April 24, 2007.
- ^ Lufrano, Sonny (March 5, 2001). "Icahn sells Southern Nevada casinos". American City Business Journals.
- ^ Keehner, Jonathan (November 6, 2007). "Icahn Enterprises buys PSC Metals for $335 mln". Reuters.
- ^ Hamilton, Dane (March 5, 2001). "AREP buys $7 billion Icahn fund management firm". Reuters.
- ^ Jamerson, Joshua (March 2, 2016). "Tropicana to manage Trump Taj Mahal; Icahn chides N.J. Leaders". The Wall Street Journal.(subscription required)
- ^ "Trump Taj Mahal casino sold for 4 cents on the dollar". Los Angeles Times. Associated Press. May 9, 2017.
- ^ "Icahn Enterprises completes acquisition of Pep Boys" (Press release). GlobeNewswire. February 4, 2016.
- ^ "Icahn Enterprises Completes Acquisition of Federal-Mogul" (Press release). PRNewswire. January 23, 2017.
- ^ Hansen, Drew (June 2, 2017). "Icahn reaches deal to buy Leesburg-based Precision Auto". American City Business Journals.
- ^ "Icahn Enterprises L.P. Completes Sale of the Former Fontainebleau Las Vegas Property for $600 million" (Press release). GlobeNewswire. August 29, 2017.
- ^ "Icahn Enterprises L.P. Acquires American Driveline Systems, Franchisor of AAMCO and Cottman Service Centers" (Press release). Business Wire. October 2, 2017.
- ^ "Icahn Enterprises". Fortune. Retrieved 2018-11-18.
- ^ 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) - ^ Wolinsky, Jacob. "Carl Icahn Had An Atrocious Third Quarter". Forbes. Retrieved 2020-11-18.
- ^ 2021-10-K https://www.sec.gov/Archives/edgar/data/0001034563/000155837021002010/tmb-20201231x10k.htm
External links[]
- Business data for Icahn Enterprises L.P.:
- Conglomerate companies of the United States
- Holding companies of the United States
- Publicly traded companies based in New York City
- Companies listed on the Nasdaq
- American companies established in 1987
- Holding companies established in 1987
- 1987 establishments in New York (state)
- Conglomerate companies established in 1987