Tenova acquires Envita and lands

Tenova's growth strategy continues with the acquisition of Envita Co. Ltd. The South Korean company, founded in 1995 and with headquarters in Incheon (near Seoul), is active in the fields of industrial furnaces, processing lines and heat treatment furnaces for aluminum components in automotive industry. Its people, over 100, are operating in three locations in South Korea, Vietnam (Ho Chi Minh City) and China (Yantai). The company is well known to Tenova, who began working with Envita in 2007. Thanks to the collaboration with Envita, Tenova has been awarded contracts in the country with the major steelmaker like Hyundai Steel and Posco.

The acquisition marks Tenova's first step into the 6th crude steel producer in the world with 68.6Mt in 2011, +16.2% vs. 2010 and the country with the per capita highest density production of steel in the world: a strategic market in the global post-crisis scenario. The Tenova Iron & Steel division achieves the goal of enter South Korea through an engineering hub with excellent references and manufacturing centers. The combination of these factors allows the expansion of commercial and operting network in ASEAN countries (Vietnam, Thailand, Indonesia, Malaysia, Philippines, Singapore, Laos and Cambodia) and an expansion of Tenova Iron & Steel product portfolio in the business of cold rolling and aluminum for the automotive industry.

Tenova, Milan