Icahn Enterprises L.P., a limited partnership, has acquired all the issued and outstanding stock of PSC Metals Inc. from Philip Services Corp. The acquisition cost $335 million. Icahn Enterprises is a diversified holding company that operates businesses in a wide range of industries.
PSC reported annual revenue of about $776 million and net income of around $45 million for the year ended Sept. 30.
Carl Icahn indirectly owns a 95.6 percent interest and Icahn Enterprises indirectly owns the remaining 4.4 percent interest in Philip Services Corp. The transaction was approved by a special committee of independent members of our board of directors.
The special committee was advised by its own legal counsel and independent financial adviser with respect to the transaction.
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