Tenaris
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| Type | Société Anonyme |
|---|---|
| Traded as | BMV: TS, BIT: TEN, NYSE: TS, MERVAL: TS |
| Industry | Manufacturing, engineering |
| Founded | Milan, Italy (2001) |
| Headquarters | Luxembourg City, Luxembourg |
| Key people | Paolo Rocca (Chairman and CEO) |
| Products | Steel pipes for oil and gas, energy and automotive industries |
| Revenue | US $7.712 billion (2010)[1] |
| Operating income | US $1.574 billion (2010)[1] |
| Profit | US $1.127 billion (2010)[1] |
| Total assets | US $14.36 billion (end 2010)[1] |
| Total equity | US $10.55 billion (end 2010)[1] |
| Employees | 25,420 (end 2010)[1] |
| Parent | Techint |
| Website | www.tenaris.com |
Tenaris is a global manufacturer and supplier of seamless and welded steel pipe products and provider of pipe handling, stocking and distribution services to the oil and gas, energy and mechanical industries. It is a majority-owned subsidiary company of the Argentine group Techint.
It is headquartered in Luxembourg and is also a leading regional supplier of welded steel pipes for gas pipelines in South America. With manufacturing facilities in Argentina, Brazil, Canada, China, Colombia, Italy, Japan, Mexico, Romania, USA and Venezuela and a network of customer service centers in over 20 countries. Tenaris has an annual production capacity of 3.3 million tons of seamless, and 2.8 million tons of welded pipes, annual consolidated net sales in excess of US$ 12.1 billion (2008) and 23,500 employees worldwide. Tenaris has recently bought Hydril and later split the premium connections from pressure control side of the business. The pressure control business was sold to GE Oil and Gas in April 2008.
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[edit] Organization Chart
CEO: Paolo Rocca
CFO: Ricardo Juan Pedro J. Soler
Commercial Director: Alejandro Lamartyn
[edit] FCPA Fine
On 17 May 2011, Tenaris agreed to pay the US Department of Justice US$8.9 million in the first ever deferred prosecution agreement with the Securities and Exchange Commission.[2]
A settlement was reached after Tenaris voluntarily disclosed details of illicit payments made to officials of an Uzbek state-controlled oil firm which were not properly recorded in the company’s financial statements.
According to the Department of Justice, Tenaris paid bribes through local agents to obtain competitor’s bid information, which it used to submit revised bids in order to secure tenders.
An official at the Department of Justice said, “The company’s immediate self-reporting, thorough internal investigation, full cooperation with SEC staff, enhanced anti-corruption procedures and enhanced training made it an appropriate candidate for the Enforcement Division’s first Deferred Prosecution Agreement.”[3]
[edit] See also
[edit] References
- ^ a b c d e f "Annual Report 2010". Tenaris. http://files.shareholder.com/downloads/ABEA-2RJSJD/1244495365x0x460257/F8822C5E-C873-4AFD-A7BF-14D6C1AB130F/TS_Annual_Report_2010.pdf. Retrieved 3 May 2011.
- ^ US Securities and Exchange Commission (17 May 2011). "Tenaris to Pay $5.4 Million in SEC's First-Ever Deferred Prosecution Agreement". US Securities and Exchange Commission. http://www.sec.gov/news/press/2011/2011-112.htm.
- ^ Samuel Rubenfeld (17 May 2011). "Tenaris SA Pays $8.9 Million To Settle FCPA Probe". Wall Street Journal. http://blogs.wsj.com/corruption-currents/2011/05/17/tenaris-sa-pays-8-9-million-to-settle-fcpa-probe/.
[edit] External links
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