Tenaris

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For the genus of plants, see Tenaris (plant). For the ancient town, see Tenarus.
Tenaris S.A.
Sociedad Anónima
Traded as BITTEN
NYSETS
BCBA: TS
BMVTS
Industry Oilfield services
Founded 2001; 16 years ago (2001)
Headquarters Luxembourg City, Luxembourg
Key people
Paolo Rocca (Chairman and CEO)
Products Steel pipes for oil and gas, energy and automotive industries
Revenue Increase US$10.8 billion (2012)
Profit Increase US$1.6 billion (2012)
Number of employees
25,420
Parent Techint
Website www.tenaris.com

Tenaris is a global manufacturer and supplier of steel pipes and related services, primarily for the energy industry with nearly 21,750 employees around the world.[1] It is a majority-owned subsidiary company of the Techint Group, which has interests in steel, energy, engineering and construction and industrial equipment.

It is headquartered in Luxembourg and is also a supplier of welded steel pipes for gas pipelines in South America. With manufacturing facilities in Argentina, Brazil, Canada, China, Colombia, Italy, Japan, Mexico, Romania, and USA and a network of customer service centers in over 20 countries.[citation needed] 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.[citation needed] Tenaris has recently[when?] 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.

The company's CEO is Paolo Rocca; its CFO is Edgardo G. Carlos, its CIO is Carlos Pappier and its Planning Director is Alejandro Lammertyn.

FCPA fine[edit]

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]

Violence in Mexico[edit]

On December 24, 2013, over 100 disgruntled ex-employees of Tenaris Tamsa in Veracruz stormed the facilities and were attacked with sticks, pipes and stones by supporters of the worker's union, "Sindicato Union y Progreso", or SNUP.[4] These workers had been dismissed by the company in 2012 for their violence after attempting to elect a new union leader, Jose Carlos Guevara Moreno, "El Profe". Pascual Lagunes Ochoa, who as of April 2016 remains as the union leader of SNUP, and often attends and speaks at public events. The ex-employees are currently in a legal battle against the company, having been denied their severance. They have also requested that he be audited by Hacienda, the tax collection branch of the government.[5]

See also[edit]

References[edit]

  1. ^ "About Tenaris". 
  2. ^ 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. 
  3. ^ Samuel Rubenfeld (17 May 2011). "Tenaris SA Pays $8.9 Million To Settle FCPA Probe". Wall Street Journal. 
  4. ^ Periodistasdigitales (24 Dec 2013). "Se enfrentan a golpes empleados sindicalizados de Tamsa". Plumas Libres. 
  5. ^ Monica Ramirez (19 Apr 2016). "Exigen tamseros que SAT revise fortuna a Pascual Lagunes". AGN Veracruz. 

External links[edit]