tenaris sa-adr (TS) Key Developments
Tenaris Announces Sales Results for the Year 2014
Apr 14 15
Tenaris announced sales results for the year 2014. For the year, the company revenue fell 2.4% to $10.3 billion in 2014.
Tenaris to Suspend Louisiana Seamless Pipe Plant in USA
Apr 8 15
Tenaris announced to suspend operations at its seamless pipe threading facility in Westwego, Louisiana, USA, from June 5, 2015. The closure will result in the layoff of 90 employees. The facility will continue to operate until the closure date. Tenaris cited the downturn in US drilling activity for the suspension, with active drill rigs in the USA down about 900 since the onset of the market downturn. The company said it remains committed to the US industry and is focused on sustainable and long-term growth in the domestic market in North America.
Tenaris S.A. to Cut More Houston Jobs
Mar 30 15
Tenaris S.A. announced that it is cutting more jobs in Houston. The company told the Texas Workforce Commission it will cut 133 employees on May 23 at its Texas Arai facilityat 8204 Fairbanks N Houston Road. The facility is part of the Maverick Tube Corp. business that Tenaris acquired in 2006 in a $3.2 billion deal. The job cuts are expected to be permanent, and affected employees do not have bumping rights, meaning higher-ranked workers whose jobs are eliminated cannot take lower-ranking jobs. Those cuts are expected to occur on April 24 due to the temporary suspension of operations at Tenaris' welded tubes mill in Conroe. However, the job cuts are expected to be permanent.
Tenaris S.A. Cuts 230 Houston-Area Jobs
Feb 24 15
Tenaris SA is temporarily suspending operations at its welded tubes mill in Conroe. The suspension will affect 230 employees, effective April 24. The job cuts are expected to be permanent.
Tenaris Seeks Acquisitions
Feb 19 15
Tenaris S.A. (BIT:TEN) is seeking acquisitions. Paolo Rocca, Chairman and Chief Executive Officer, said related to acquisitions, "We are not ruling out any of this. We are considering all of our option, looking in how the - what we expect from the market, look at what - how - which opportunities could come out in this environment.”