Italy – Tenova of Milan in Italy, a worldwide supplier of advanced technologies and products for the iron/steel and mining industries, has acquired South Korean company Envita Co. Ltd as part of the company’s growth strategy focused on establishing a more international presence.
Located near Seoul, Envita is active in the fields of industrial furnaces, processing lines and heat treatment furnaces for aluminium components for the automotive industry. The acquisition is not exactly a surprise given that the companies have been working together since 2007; the collaboration with Envita has already helped Tenova to earn contracts with major steelmakers such as Hyundai Steel and Posco.
For Tenova, these moves in South Korea are expected to pave the way for further expansion in other countries belonging to the Association of Southeast Asian Nations (ASEAN), such as Vietnam, Thailand, Indonesia and Malaysia. Currently, Tenova operates through more than 30 companies in 22 countries on five different continents, employing a total of 3100 people.
For more information, visit: www.tenovagroup.com