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Tenaris

 

Tenaris

Tenaris S.A.
Sociedad Anónima
Traded as BIT: TEN
NYSE: TS
BCBA: TS
BMV: TS
Industry Oilfield services
Founded 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$10.8 billion (2012)
Profit US$1.6 billion (2012)
Number of employees
25,420
Parent Techint
Website www.tenaris.com

Tenaris is an Argentinean 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 Argentinean/Italian group Techint.

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. 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.

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

Contents

  • FCPA fine 1
  • See also 2
  • References 3
  • External links 4

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.[1]

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."[2]

See also

References

  1. ^ 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. 
  2. ^ Samuel Rubenfeld (17 May 2011). "Tenaris SA Pays $8.9 Million To Settle FCPA Probe". Wall Street Journal. 

External links

  • Official website


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