Business
Icahn Enterprises L.P. Completes Sale of PSC Metals LLC
SUNNY ISLES BEACH, Fla., Dec. 7, 2021 /PRNewswire/ -- Icahn Enterprises L.P. (NASDAQ: IEP) ("Icahn Enterprises") today announced that its wholly-owned
About this update from Icahn Enterprises L.p.
[{"type":"text","content":"SUNNY ISLES BEACH, Fla., Dec. 7, 2021 /PRNewswire/ -- Icahn Enterprises L.P. (NASDAQ: IEP) (\"Icahn Enterprises\") today announced that its wholly-owned subsidiary, American Entertainment Properties Corp., has completed the previously announced sale of 100% of the equity interests in PSC Metals, LLC to SA Recycling LLC, for total cash consideration of approximately $323 million, including repaid indebtedness and subject to customary post-closing adjustments. As of September 30, 2021, Icahn Enterprises had carried PSC Metals on its balance sheet at a value of $147 million. Icahn Enterprises has retained ownership of a strategic parcel of land previously owned by PSC Metals that is located near downtown Nashville and Nissan Stadium, and in connection with the transaction has leased this land to SA Recycling.\nCarl C. Icahn, Chairman of Icahn Enterprises, stated: \"Icahn Enterprises acquired its interest in PSC Metals in 2007. Even under challenging circumstances created by volatile commodity markets over the past several years, we executed our activist playbook with this investment – significantly increasing EBITDA. Given the cyclical nature of the company's industry, we believe today's transaction is appropriately timed and provides a very positive outcome for IEP unitholders.\" \nAbout Icahn Enterprises L.P.\nIcahn Enterprises, a master limited partnership, is a diversified holding company engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.\nCaution Concerning Forward-Looking Statements\nThis release may contain certain \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as \"expects,\" \"anticipates,\" \"intends,\" \"plans,\" \"believes,\" \"seeks,\" \"estimates,\" \"will\" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to economic downturns, substantial competition ...