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.
Carl 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."
About Icahn Enterprises L.P.
Icahn 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.
Caution Concerning Forward-Looking Statements
This 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 and rising
operating costs; risks related to the severity, magnitude and
duration of the COVID-19 pandemic and its impact on the global
economy, financial markets and industries in which our subsidiaries
operate; risks related to our investment activities, including the
nature of the investments made by the private funds in which we
invest, declines in the fair value of our investments as a result
of the COVID-19 pandemic, 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 energy business, including the volatility and
availability of crude oil, declines in global demand for crude oil,
refined products and liquid transportation fuels as a result of the
COVID-19 pandemic, 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 automotive activities and exposure to adverse
conditions in the automotive industry, including as a result of the
COVID-19 pandemic; risks related to our food packaging activities,
including competition from better capitalized competitors,
inability of suppliers to timely deliver raw materials, and the
failure to effectively respond to industry changes in casings
technology; risks related to our previous 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.
Investor Contact:
David
Willetts
Chief Executive Officer
(305) 422-4100
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SOURCE Icahn Enterprises L.P.