NEW YORK (AP) — Billionaire investor Carl Icahn's company is forming a new railcar joint venture that will include American Railcar Industries Inc.
Icahn Enterprises LP bought a controlling stake of St. Charles, Mo.-based American Railcar Industries in 2010.
The joint venture, called American Railcar Leasing LLC, will be 75 percent owned by Icahn Enterprises.
Icahn Enterprises will give cash and railcar assets valued at about $737 million to the new company in exchange for its majority stake.
"We believe that the railcar business is a strong growth business and have high expectations for the entire segment," Icahn said in a statement on Wednesday.
Icahn Enterprises also owns subsidiaries engaged in the automotive, energy, gambling, food packaging, metals, investment, real estate and home fashion businesses.
Icahn Enterprises shares rose 11 cents to $79.28 in midday trading. Its shares have traded in a 52-week range of $37.22 to $90.75.