Icahn Enterprises LP has completed the sale of its Ferrous Resources Ltd. division to Brazilian company Vale S.A. for $550 million. The companies announced the purchase agreement late last year.
Icahn Enterprises first acquired an interest in Ferrous Resources in 2012. Ferrous Resources has five mines in the Brazilian state of Minas Gerais’ iron quadrangle and one operation in the country’s Bahia state.
Carl Icahn, chairman of Icahn Enterprises, says, "Icahn Enterprises acquired majority control of Ferrous Resources in 2015 at a time when iron ore prices had dropped significantly. We identified an out-of-favor opportunity for a cyclical commodity business and were confident that with better board leadership and guidance, our timing was right. Today's closing proves out our thesis. Although an iron ore mine in Brazil is not our typical investment, the situation appeared well-suited for our modus operandi, by which we seek to acquire undervalued assets, invest additional capital, guide and improve their condition and operations and to ultimately greatly enhance value for all shareholders."
Among other companies, Icahn Enterprises owns metals recycling company PSC Metals, with corporate headquarters in Mayfield Heights, Ohio.
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