WCA July 2012

Industry news

Sewedy announces profit drop One of the Arab world’s biggest listed cable makers, Egypt-based El Sewedy Electric, has reported a 34 per cent fall in its consolidated net profit for 2011, a year of political uprisings that disrupted economies in the region. Net profit fell to 536.5m Egyptian pounds (approximately $88.82m) from 816.6m Egyptian pounds in 2010, the company said. On an unconsolidated basis, net income slumped by 70 per cent. Tenova acquires Envita and lands in South Korea El Sewedy – Egypt Website : www.elsewedy.com Tenova’s growth strategy has continued 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 aluminium components in the automotive industry. Its employees, over 100, operate 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 major steelmakers like Hyundai Steel and Posco. The acquisition marks Tenova’s first step into the sixth crude steel producer in the world with 68.6Mt in 2011, a rise of over 16 per cent from 2010 in a 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 entering South Korea through an engineering hub with excellent references and manufacturing centres. The combination of these factors allows the expansion of the commercial and operating 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 aluminium for the automotive industry. Tenova is a worldwide supplier of advanced technologies, products and services for the iron and steel and mining industries. With about 3,100 employees, Tenova operates through more than 30 companies in 22 countries on five continents.

Tenova – Italy Website : www.tenovagroup.com

12

Wire & Cable ASIA – July/August 2012