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Tenova Acquires South Korean Producer of Furnaces, Process Lines for Automotive Components

04/09/2012 - Tenova has acquired Envita Co. Ltd., South Korea, a supplier of industrial furnaces, processing lines and heat treatment furnaces for automotive industry components.

Tenova announced the acquisition of Envita Co. Ltd., South Korea, a supplier of industrial furnaces, processing lines and heat treatment furnaces for automotive industry components.
 
Founded in 1995 the company is well known to Tenova, which began working with Envita in 2007. Thanks to its collaboration with Envita, Tenova has been awarded contracts in the country with major steelmakers including Hyundai Steel and Posco.
 
The acquisition marks Tenova's first step into the world’s 6th-largest crude steel producing country, with 68.6 million tonnes in 2011, +16.2% vs. 2010. South Korea also has the highest per capita density production of steel in the world, making it a strategic market in the global post-crisis scenario.
 
According to Tenova, its Iron & Steel Division’s engineering hub with excellent references and manufacturing centers helped the company achieve its goal of entering South Korea. These factors have enabled the company to expand its commercial and operating network in ASEAN countries (Vietnam, Thailand, Indonesia, Malaysia, Philippines, Singapore, Laos and Cambodia). It also has facilitated expansion of the Tenova Iron & Steel product portfolio in the businesses of cold rolling and aluminum for the automotive industry.
 
Tenova is a worldwide supplier of advanced technologies, products, and services for the iron & steel and mining industries. With about 3,100 people, Tenova operates through more than 30 companies located in 22 countries on 5 continents.
 
Envita Co. Ltd., South Korea, is headquartered in Incheon (near Seoul), and its people, over 100, are operating in three locations in South Korea, Vietnam (Ho Chi Minh City) and China (Yantai).