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Icahn Enterprises

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Icahn Enterprises L.P.
Company typeMaster limited partnership
Public company
Nasdaq: IEP
IndustryConglomerate
PredecessorAmerican Real Estate Partners L.P.
FoundedFebruary 17, 1987; 37 years ago (February 17, 1987)
HeadquartersSunny Isles Beach, Florida 33160
Key people
Carl Icahn, Chairman
Keith Cozza, CEO
SungHwan Cho, CFO[1]
RevenueIncrease $11.328 billion (2021)[1]
Increase -$500 million (2021)[1]
Total assetsIncrease $27.748 billion (2021)[1]
Total equityIncrease $9.343 billion (2021)[1]
OwnerCarl Icahn
(88%)[1]
Number of employees
19500[1]
Websitewww.ielp.com

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. The company is controlled by Carl Icahn, who owns 88% of it.[1]

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]

References

  1. ^ a b c d e f g h i "Icahn Enterprises L.P. 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Kosman, Josh (2020-08-12). "Carl Icahn has officially ditched NYC for Florida". New York Post. Retrieved 2021-05-17.
  3. ^ Jones, David (September 5, 2006). "Icahn sells Atlantic City property for $270M". Crain Communications.
  4. ^ "Icahn to sell casinos for $1.3 billion". Los Angeles Times. Associated Press. April 24, 2007.
  5. ^ Lufrano, Sonny (March 5, 2001). "Icahn sells Southern Nevada casinos". American City Business Journals.
  6. ^ Keehner, Jonathan (November 6, 2007). "Icahn Enterprises buys PSC Metals for $335 mln". Reuters.
  7. ^ Hamilton, Dane (March 5, 2001). "AREP buys $7 billion Icahn fund management firm". Reuters.
  8. ^ Jamerson, Joshua (March 2, 2016). "Tropicana to manage Trump Taj Mahal; Icahn chides N.J. Leaders". The Wall Street Journal.(subscription required)
  9. ^ "Trump Taj Mahal casino sold for 4 cents on the dollar". Los Angeles Times. Associated Press. May 9, 2017.
  10. ^ "Icahn Enterprises completes acquisition of Pep Boys" (Press release). GlobeNewswire. February 4, 2016.
  11. ^ "Icahn Enterprises Completes Acquisition of Federal-Mogul" (Press release). PRNewswire. January 23, 2017.
  12. ^ Hansen, Drew (June 2, 2017). "Icahn reaches deal to buy Leesburg-based Precision Auto". American City Business Journals.
  13. ^ "Icahn Enterprises L.P. Completes Sale of the Former Fontainebleau Las Vegas Property for $600 million" (Press release). GlobeNewswire. August 29, 2017.
  14. ^ "Icahn Enterprises L.P. Acquires American Driveline Systems, Franchisor of AAMCO and Cottman Service Centers" (Press release). Business Wire. October 2, 2017.
  15. ^ "Icahn Enterprises". Fortune. Retrieved 2018-11-18.
  16. ^ www.bizjournals.com https://www.bizjournals.com/southflorida/news/2020/10/05/carl-icahn-succession-icahn-enterprises.html. Retrieved 2020-10-08. {{cite web}}: Missing or empty |title= (help)
  17. ^ Wolinsky, Jacob. "Carl Icahn Had An Atrocious Third Quarter". Forbes. Retrieved 2020-11-18.
  18. ^ 2021-10-K https://www.sec.gov/Archives/edgar/data/0001034563/000155837021002010/tmb-20201231x10k.htm
  • Business data for Icahn Enterprises L.P.:
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