Tenaris, one of the world's top piping producers, is set to invest six million dollars in the units it owns in Romania, namely Silcotub Zalau and Tubinox Bucuresti, in the first half of 2005.
The bulk of this amount, five million dollars, will be destined to retooling works, in order to bring Silcotub in line with international standards and quality requirements. In early March, the Zalau-based complex will halt operations for three weeks, in order to carry the above-mentioned investments.
As regards Tubinox Bucuresti, Tenaris officials state that the group will consolidate its hold of this company through investments standing at one million dollars. The money will be used for the acquisition of land, which will enable Tubinox to further develop its operations.
"We are determined to achieve a complete vertical integration of our activities in Romania. This is equally important in terms of our success on the domestic market and for the Romanian steel, car and oil industries," stated Paolo Bassetti, Silcotub vice-president.
Tenaris group last year took over Tubman International, which owned the majority stake in Silcotub, shares in three units of the company headquartered in Zalau and Laminorul Braila. The transaction was worth 42 million dollars.
Tenaris subsequently transferred Laminorul Braila into the portfolio of the National State Assets Resolution Agency (AVAS) for free.
Silcotub manufactures steel pipes used in the constructions, oil and gas, power, chemical and car industries.
In 2003, the company acquired another pipe manufacturer from the domestic market, Tubinox Bucuresti.
Tenaris holds production facilities in Argentina, Brazil, Canada, Italy, Japan, Mexico, Venezuela and Romania.
The group's consolidated turnover in 2003 overshot the level of three billion dollars, while its annual production capacity reached 3.3 million tonnes of non-welded pipes and 850,000 tonnes of welded pipes.
Tenaris has 16,500 employees and is listed on the New York, Buenos Aires, Mexico and Milan stock exchanges.
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