Profile: Icahn Enterprises LP (IEP.O)
7 Mar 2014
Icahn Enterprises L.P. (Icahn Enterprises) is a diversified holding company. The Company owns subsidiaries, which are engaged in Investment, Automotive, Gaming, Railcar, Food Packaging, Metals, Real Estate and Home Fashion. The Company owns a 99% limited partner interest in Icahn Enterprises Holdings L.P. (Icahn Enterprises Holdings). All of its assets and liabilities are owned through Icahn Enterprises Holdings and all of its operations are conducted through Icahn Enterprises Holdings and its subsidiaries. Icahn Enterprises G.P. Inc. (Icahn Enterprises GP), the Company’s sole general partner, owns a 1% general partnership interest in both Icahn Enterprises Holdings and Icahn Enterprises. During the year ended December 31, 2011, the Company acquired additional shares of common stock of Federal-Mogul Corporation and owned approximately 77.2% of the common stock of Federal-Mogul as of December 31, 2011.
Icahn Onshore LP (Onshore GP) and Icahn Offshore LP (the Offshore GP) (collectively referred as the General Partners), provide investment advisory and certain administrative and back office services to the private funds but do not provide such services to any other entities, individuals or accounts. The Offshore Master Funds consist of Icahn Partners Master Fund LP, or Master Fund I, Icahn Partners Master Fund II L.P. and Icahn Partners Master Fund III L.P.
The Onshore Fund and the Offshore Master Funds are known as Investment Funds.
Federal-Mogul is a global supplier of powertrain and safety technologies, serving the world’s original equipment manufacturers (OEMs) of automotive, light, medium and heavy-duty commercial vehicles, off-road, agricultural, marine, rail, aerospace, power generation and industrial equipment, as well as the worldwide aftermarket. As of December 31, 2011, Federal-Mogul conducted its operations through 169 manufacturing, distribution and technical facilities that are wholly or partially owned through subsidiaries and joint ventures.
Federal-Mogul business is organized into four product groups: Powertrain Energy, Powertrain Sealing and Bearings, Vehicle Safety and Protection and Global Aftermarket. Federal-Mogul offers its customers a diverse a range of products for original equipment manufacturers and servicers, (OE) and replacement parts, or aftermarket, applications including pistons, piston rings, piston pins, cylinder liners, valve seats and guides, ignition products, dynamic seals, bonded piston seals, combustion and exhaust gaskets, static gaskets and seals, rigid heat shields, engine bearings, industrial bearings, bushings and washers, transmission components, brake disc pads, brake linings, brake blocks, element resistant systems protection sleeving products, acoustic shielding, flexible heat shields, brake system components, chassis products, wipers, fuel pumps and lighting.
Tropicana is an owner and operator of regional casino and entertainment properties located in the United States and one casino resort development located on the island of Aruba. Tropicana primarily caters to local and regional guests to provide a fun and gaming environment with lodging, dining, retail and entertainment amenities. Tropicana’s United States properties include Tropicana Express Hotel and Casino and River Palms Hotel and Casino; Montbleu Casino Resort & Spa; Tropicana AC; Casino Aztar Evansville; Belle of Baton Rouge; Bayou Caddy’s Jubilee Casino and Lighthouse Point Casino, and Horizon Vicksburg Casino.
American Railcar Industries, Inc., (ARI) is a North American designer and manufacturer of hopper and tank railcars. ARI also leases, repairs and refurbishes railcars, provides fleet management services and designs and manufactures certain railcar and industrial components. ARI operates in two business groups: manufacturing operations and railcar services. The manufacturing operations consist of railcar manufacturing, railcar leasing and railcar and industrial component manufacturing. The railcar services consist of railcar repair, refurbishment and fleet management services.
ARI designs, manufactures and sell special, customized and general purpose railcars and a range of components primarily for the North American railcar and industrial markets. ARI also supports the railcar industry through a range of integrated railcar services, including repair, maintenance, consulting, engineering and fleet management services. It primarily manufactures two types of railcars, hopper railcars and tank railcars. ARI also manufactures various components for railcar and industrial markets. ARI's railcar services group focuses on repair services, engineering and field services, and fleet management services. Its primary customers for services provided by this group are leasing companies and shippers of tank and specialty hopper railcars.
Viskase Companies, Inc., (Viskase) is engaged in the production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry. Viskase operates seven manufacturing facilities and ten distribution centers throughout North America, Europe, South America and Asia. Viskase is a producer of non-edible cellulosic casings for processed meats and manufacturer of non-edible fibrous casings.
The Company conducts its Metals segment through PSC Metals Inc. (PSC Metals). PSC Metals is principally engaged in the business of collecting, processing and selling ferrous and non-ferrous metals, as well as the processing and distribution of steel pipe and plate products. PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms, and supplies the recycled metals to its customers, including electric-arc furnace mills, integrated steel mills, foundries, secondary smelters and metals brokers. PSC Metals’ ferrous products include busheling, plate and structural, shredded, sheared and bundled scrap metal and other purchased scrap metal such as turnings (steel machining fragments), cast furnace iron and broken furnace iron. PSC Metals also operates a secondary products business that includes the supply of secondary plate and pipe that is sold for counterweights, piling and foundations, construction materials and infrastructure end-markets.
The Company’s Real Estate operations consist of rental real estate, property development and associated resort activities. Its rental real estate operations consist primarily of retail, office and industrial properties leased to single corporate tenants. Its property development and resort operations are run primarily through Bayswater Development LLC, a real estate investment, management and development subsidiary that focuses primarily on the construction and sale of single-family houses, multi-family homes, lots in subdivisions and planned communities and raw land for residential development. Its New Seabury development property in Cape Cod, Massachusetts and its Grand Harbor and Oak Harbor development property in Vero Beach, Florida include land of approximately 324 and 870 units of residential housing, respectively. Both the developments operate golf and resort activities.
The Company conducts its Home Fashion operations through WestPoint International Inc. (WPI), a manufacturer and distributor of home fashion consumer products based in New York. WPI’s business consists of manufacturing, sourcing, designing, marketing, distributing and selling home fashion consumer products. WPI manufactures and sources its products in an assortment of colors and patterns from a range of fabrics, including chambray, twill, sateen, flannel and linen, and from a range of fibers, including cotton, synthetics and cotton blends. WPI markets a broad range of manufactured and sourced bed, bath, basic bedding and kitchen textile products, including sheets, pillowcases, bedspreads, quilts, comforters and duvet covers, featherbeds, bath and beach towels, bath accessories, bath rugs, bed skirts, bed pillows, flocked blankets, woven blankets and throws, heated blankets, mattress pads, kitchen towels and kitchen accessories. WPI’s brands include WestPoint Home, Atelier Martex, Grand Patrician, Martex, Patrician, Lady Pepperell, Luxor, Utica and Vellux.
The Company competes with Trinity Industries, Inc., The Greebrier Companies, Inc., National Steel Car Limited, Greenbrier and Union Tank Car Company.
Icahn Enterprises LP
Suite 4700, 767 Fifth Avenue
NEW YORK NY 10153