Icahn Enterprises L.P. Completes Sale of American Railcar Industries Inc.
December 05 2018 - 9:49AM
Icahn Enterprises L.P. (NASDAQ: IEP) today announced that it
completed the sale of American Railcar Industries Inc. (Nasdaq:
ARII) at a value of approximately $1.75 billion, or $70 per share.
Carl C. Icahn, Chairman of Icahn Enterprises,
stated: “We are very pleased to close this transaction. Icahn
Enterprises first acquired an interest in American Railcar
Industries in 2010. Since that time, Icahn Enterprises has
deployed our modus operandi, by which we seek to nurture, guide and
improve the condition and operations of the companies we control
and influence. Our ARI investment is an excellent example the
effectiveness of our investment philosophy. In fact, IEP’s
investment in ARI generated a total return of 423%, or a profit of
approximately $757.2 million. This is a great result for IEP
unitholders, as well as all ARI shareholders.”
About Icahn Enterprises
L.P.
Icahn Enterprises, a master limited partnership,
is a diversified holding company engaged in nine primary business
segments: Investment, Automotive, Energy, Mining, Railcar, Food
Packaging, Metals, Real Estate and Home Fashion.
Caution Concerning Forward-Looking
Statements
This release contains 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 and rising
operating costs; risks related to our investment activities,
including the nature of the investments made by the private funds
in which we invest, losses in the private funds and loss of key
employees; risks related to our ability to continue to conduct our
activities in a manner so as to not be deemed an investment company
under the Investment Company Act of 1940, as amended; risks related
to our automotive activities, including exposure to adverse
conditions in the automotive industry, and risks related to
operations in foreign countries; risks related to our energy
business, including the volatility and availability of crude oil,
other feed stocks and refined products, unfavorable refining margin
(crack spread), interrupted access to pipelines, significant
fluctuations in nitrogen fertilizer demand in the agricultural
industry and seasonality of results; risks related to our railcar
activities, including reliance upon a small number of customers
that represent a large percentage of revenues and backlog, the
health of and prospects for the overall railcar industry and the
cyclical nature of the railcar manufacturing business; risks
related to our mining operations, including the volatility of the
global price of iron ore and global demand levels for iron ore;
risks related to our food packaging activities, including
competition from better capitalized competitors, inability of its
suppliers to timely deliver raw materials, and the failure to
effectively respond to industry changes in casings technology;
risks related to our scrap metals activities, including potential
environmental exposure; risks related to our real estate
activities, including the extent of any tenant bankruptcies and
insolvencies; risks related to our home fashion operations,
including changes in the availability and price of raw materials,
and changes in transportation costs and delivery times; and other
risks and uncertainties detailed from time to time in our filings
with the Securities and Exchange Commission. Past performance in
our Investment segment is not indicative of future performance. We
undertake no obligation to publicly update or review any
forward-looking information, whether as a result of new
information, future developments or otherwise.
Contact: Investor
Contact:SungHwan ChoChief Financial Officer(212) 702-4300
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