Himself a graduate of the Massachusetts Institute of Technology, Garza Sada staffed top management with graduates of MIT, Harvard, and the University of Pennsylvania's Wharton School of Business. Web site: http://www.mannesmann.com de C.V., known as Cemex, is a Mexican multinational building materials company headquartered in San Pedro, near Monterrey, Mexico. A 15-member board was named to govern the company, of which nine would be named jointly by the foreign banks and the Garza Sada family. Even the local federal attorney's office refuse to register Salinas' denuciations. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. Whatever the truth about the Garza Sada killing, it was a turning point in the Echeverria regime. In retrospect, following Alfas near-bankruptcy in 1982, Alfas success bred arrogance. It also took a quarter share in Grupo Televisa, which virtually monopolized Mexican television broadcasting. Alfa's total debt was 18.5 billion pesos ($2.7 billion). Hylsamex's revenues accounted for nearly one-third of Alfa's in 1995 (and 35 percent in 1996), but its net income in 1995 was only 12 percent of the group's total. Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. Just days before publication, 30 state police burst into the printer's shop and took off with 17,000 copies, the plates, the manuscript and the printer himself. Under a complex arrangement, the creditor banks forgave $920 million in Alfa's debt in return for 45 percent of its stock. Debtwire's shareholder profile of the Garza Sada family - (Alfa, Femsa, Vitro, Cydsa) - looks at it ties to other Mexican business clans including Salinas (Elektra, TV Azteca), Zambrano (Cemex) and Servitje (Bimbo). Europe's family businesses. This subsidiary accounted for 12 percent of Alfa's revenues in 1996. This was followed in 1996 by net income of 3.06 billion pesos ($400 million) on net sales of 27.83 billion pesos ($3.64 billion). Birthplace: Monterrey, Nuevo Leon, Mexico. Oil prices would know no limit. : Grijalbo/Actualidad, 2006. This would bring Mexico's basic industries - oil and electricity were already nationalized - under state control and would represent a major patriolic achievement for Echeverria. Alfa has operations in Mexico, the United States and other 21 countries across the Americas, Europe and Asia. Technical Rankings. [2], In May 2015, Alfa and British energy firm Harbour Energy collaborated by making a bid to acquire Canadian oil and gas company Pacific Rubiales Energy for C$6 billion, including debt.[3]. Medina, Enriqueta, and Federico Arreola. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. "[2], Under Bernardo Garza Sada's leadership Alfa diversified from its base into petrochemicals, synthetic fibers, capital machinery, farm equipment, television sets, and tourism. de C.V., Mexico 14th Annual Global CEO Survey Interview Transcripts Husband of Mara Aurora Sepulveda. . Cite this article Pick a style below, and copy the text for your bibliography. Oil prices would know no limit. MarketScreener: Created by Investors for Investors! She alleges she was surrounded by cars full of gunmen and was swamped with telephone threats. He also has participated in university and think tank boards, thus developing some knowledge of education and economic development. Most online reference entries and articles do not have page numbers. A frozen food plant and a cheese manufacturing facility were under construction. De C.V since 2018. Father of Bernardo Garza Sada; Private; Dionisio Garza Sada; Roberto Garza Sada and Margarita Garza Sada. As an era of high prices for Mexico's oil exports suddenly came to an end, in late 1981 Alfa dropped its projection of earnings for the year from $80 million to $2 million. Biography. Manufacturing ventures in television sets, bicycles, and tractors were sold. [1] Or purchase a subscription for unlimited access to real news you can count on. "Garza Sada Family He is also Chairman for the University of Monterrey . Sigma was planning to make frozen Mexican food for both the domestic and U.S. markets. It is the global leader in the production of engine blocks and cylinder heads for American and European automakers; it is one of the largest PET and PTA producers in North America; and it is also a leader in the distribution of refrigerated foods in Mexico. Himself a graduate of the Massachusetts Institute of Technology, Garza Sada staffed top management with graduates of MIT, Harvard, and the University of Pennsylvanias Wharton School of Business. He was President of Versax and of Sigma. Born in 1957, he joined ALFA in 1978. 19. Isaac Garza Sada. Mr. Armando Garza Sada serves as an Executive Vice President of Corporate Development of Grupo Industrial Alfa, SA de CV. Encyclopedia.com. de C.V., also known as Alfa or Alfa Group, is a Mexican multinational conglomerate headquartered in Monterrey, Mexico. By 1980 it had 157 subsidiaries in 39 branches of the economy. ", Under Bernardo Garza Sada's leadership Alfa diversified from its base into petrochemicals, synthetic fibers, capital machinery, farm equipment, television sets, and tourism. Expecting problems, Salinas says she decided to write the book secretly. Its distribution network included 50 refrigerated warehouses and a fleet of more than 800 refrigerated vehicles, including 570 delivery trucks. In addition, foreign lenders who were owed $273 million and Mexican banks holding about $301 million in Hylsa debt agreed to stretch out the loan repayments over 15 years and received 21 percent of Hylsa's common stock. Hylsa (now Hylsamex) and Sigma Alimentos, the food subsidiary, received their own separate stock listings to reduce their dependence on the parent company. This subsidiary accounted for 12 percent of Alfa's revenues in 1996. Alfa in the Early 1990s. Chicago, Illinois 60606-4678 [2], Alfa celebrated the restructuring of its debts with an elaborate outdoor mass on a Monterrey baseball field in 1988, attended by 10,000 employees. A 15-member board was named to govern the company, of which nine would be named jointly by the foreign banks and the Garza Sada family. Fax: ( +49 211) 824-36000 In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . The corporate staff was slashed from 4,000 to 1,000, and later to 400. "Alfa, S.A. de C.V. It soon set up its own glass . Alfa was a party to 11 joint ventures with foreign companies. Mr. Garza Sada is member of the boards of ALFA, FEMSA, Gigante, Liverpool, Lamosa, CYDSA, Frisa, ITESM, MVS and The Mexican Stock Exchange. In 1936 the family holdings, already vast, were divided into two separate industrial groups. "The great absolutely pagan parties they gave could always keep the appearance of charity thanks to the ingenuous Franciscan monks who would attach their names to such events," Salinas writes. Language links are at the top of the page across from the title. Web site: http://www.usg.com International Directory of Company Histories. "It was all part of a plan," she says. These children, in turn, intermarried with other prominent Monterrey families, including the Laguera and Seplveda families. The Alfa man had to look good on paper.". In 1978 Alfa was the only Mexican company in the Fortune 500 list of the biggest companies outside the United States, except for state-owned Petroleos de Mexico (Pemex). One of these, Valores Industriales S.A. (Visa), established Hojalata y Laminas S.A. (Hylsa) to make steel sheet for the bottletops of its beverages during World War II, when the United States cut steel supplies to Mexico to meet its own needs. They know of course as long as I have money. ALFA (Mexico) - Origins - Restructuring in The 1980s. The "group" was generally regarded as responsible for initiating a whispering campaign that Echeverria was planning a coup to remain in power which turned his final months into a period of near-national hysteria. Alfa was a party to 11 joint ventures with foreign companies. Alex Saragoza, The Monterrey Elite and the Mexican State, 18801940 (1988). In 1936 the family holdings, already vast, were divided into two separate industrial groups. All of these conglomerates rank among the top fifty companies in Mexico. Eugenio, the oldest of this generation, took over the leadership of a major group of interlocking corporations, which became known popularly as the "Monterrey Group." Fax: (903) 856-7505 Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Polioles, S.A. de C.V. (51 percent). These included the original brewery, Cervecera Cuauhtmoc; a bottling company, Hojalata y Lmina; and Empaques de Cartn Titn, a packaging firm. Privacy Policy. Like so many affluent women in Mexico, she always had a low profit, moved in the exclusive circles of the "oligrarchs," worked on charity projects and traveled abroad. Menno Vellinga, Economic Development and the Dynamics of Class: Industrialization, Power and Control in Monterrey, Mexico (1979). The largest family conglomerate, generally known as the Monterrey Group, began with the founding of the Cuauhtmoc Brewery by Isaac Garza and Francisco Sada in 1890. It operated more than 70 distribution centers. The Monterrey Group empire derived from the founding in Monterrey of Cerveceria Cuauhtemoc, a brewery, in 1890 by Isaac Garza Garza, his brother-in-law, Francisco Sada Muguerza, and two others. 1144 East Market Street learn how over 7,000 companies got started! Alfas stake was held through its subsidiary AlfaTelecom, S.A. de C.V. In 1982 the Mexican economy hit the rocks. Encyclopedia.com. Everyone plays at convincing themselves that no one knows what everyone knows." The settlement of Alfa's debt left unresolved Hylsa's own debt, which in 1988 reached $1.2 billion to 68 lenders, including about $300 million in overdue interest. Alfas total debt was 18.5 billion pesos ($2.7 billion). About 70 percent of the foreign lenders agreed to exchange about $639 million of the debt for about $385 million in debt owed by Mexico itself and about $69 million in cash. [2], Alfa also was required to divest itself of an undisclosed number of companies that were not part of its core business. Once Echeverria became president, she goes on, he began to press Don Eugenio to sell HYSA, the "group's "most powerful industry, producing 1.3 million tons of steel per year. CEMEX S.A.B. Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. The Monterrey Group empire derived from the founding in Monterrey of Cerveceria Cuauhtemoc, a brewery, in 1890 by Isaac Garza Garza, his brother-in-law, Francisco Sada Muguerza, and two others. The memorial to Garza Sada was created to educate future generations of Garza Sada's work. [1], Bernardo Garza Sada died at his home in Monterrey, Nuevo Len, Mexico, on November 7, 2009, at the age of 79. Isaac married Consuelo Sada Muguerza, daughter of Francisco Sada Gmez, and in 1899 founded with his father-in-law Fbrica de Vidrios y Cristales de Monterrey, of which he became president. Alfa in the Early 1990s. ." 3738. When Dionisio Garza Medina, a nephew of Bernardo Garza Sada, became chairman in 1994, he fired half of Alfa's middle managers and focused on restoring higher profitability to the company's three main business sectors: steel, petrochemicals, and food. Famous quotes containing the word family: " I swear . Behind the Facade. Sigma was planning to make frozen Mexican food for both the domestic and U.S. markets. Its distribution network included 50 refrigerated warehouses and a fleet of more than 800 refrigerated vehicles, including 570 delivery trucks. estimated between 1909 and 1969. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . By 1980 it had 157 subsidiaries in 39 branches of the economy. ", Salinas says nothing can hold her back. The chapters full of erotic scenes she says have a purpose: "I know I'm ridiculed for that because I'm a grandmother. "We demand that!" Telephone: ( +49 211) 824-0 But they have already managed to get an airport which I own closed down, "she claims. Web site: http://www.pilgrimspride.com Armando Sada is 62, he's been the Independent Director of Cemex S.A.B. HYLSA, the steel works, was not sold to the government; the family rift became clear as the conglomerate split into several groups. Public Subsidi, Alexius the Studite, Patriarch of Constantinople, Alexius Ritter von Handschuchsheim Meinong, https://www.encyclopedia.com/books/politics-and-business-magazines/alfa-sa-de-cv. Then, copy and paste the text into your bibliography or works cited list. Alfa is listed on the Mexican Stock Exchange and the Latibex, the Latin American market in the Madrid Stock Exchange. Except that school has been there for 10 years. In retrospect, following Alfa's near-bankruptcy in 1982, Alfa's success bred arrogance. I can fight and write and pay lawyers. 19. . See Armando Garza Sada's compensation, career history, education, & memberships. The events that followed are still shrouded in mystery. Ninfa Salinas Sada, Benjamn Salinas Sada, and Hugo Salinas Sada are his eldest children. "It took 3 1/2 months. A frozen food plant and a cheese manufacturing facility were under construction. In 1982 the Mexican economy hit the rocks. After Garza graduated from the Massachusetts . International Directory of Company Histories. [2], The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. Presently, Juan Carlos Caldern Rojass is Deputy Director-Treasury Sales at Banco Nacional de Mxico SA. a Family Office launched in 2013. Alfa's total debt was 18.5 billion pesos ($2.7 billion). Mr. Garza Sada is currently the Chairman of the Board of Directors of ALFA, S.A.B. Bernardo Garza Sada. Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. The company unwisely abandoned its prudent traditional policy of only integrating firms that had similar or complementary products. The collapse of the peso in late 1994 took a heavy toll on Alfa, as on other Mexican enterprises. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. To enter the "Monterrey Group's" social circuit, the best way, she writes, "is to be an industrialist. In July 1982 it presented a restructuring plan that called for it to sell one-fourth of its assets over a five-year period. Alfa in the Early 1990s. It was also engaged in the manufacture of raw materials used in the production of polyester fibers and polymer products and in the manufacture of specialty chemical products. De C.V executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Around 150,000 people attended Don Eugenia's funeral, which was a virtual declaration of war against Echeverria by a private sector already suspicious of the mildly reformist president and his inflationary spending. Its assets grew from $315 million to $1.5 billion between 1974 and 1978, its sales from $194 million to $836 million, and its income from $21 million to $83 million. A Virtual Outcast, Last year, the twice-widowed Salinas caused a minor storm with her autobiography in which she tells of her own love affairs, something unheard of in polite society here. P, MacAndrews & Forbes Holdings Inc. Many of the lower-management people had no practical experience, while the experienced upper management took charge of firms about which they knew very little. It is a diversified group of businesses, mainly industrial, that produces petrochemicals, aluminum auto components, and refrigerated foods. A five-year voting trust for the stock was formed under which 16 percent of the Garza Sada family stock would be held with the 45 percent of the bank stock. Augustinians, a Roman Catholic religious order of priests and brothers named after the fifth-century bishop and saint Augustine of Hippo. His union with Consuelo produced numerous children, among them Eugenio Garza Sada, Isaac Garza Sada, and Roberto Garza Sada. Akron, Ohio 44316-0001 (Sada died a few years ago is a diving accident in the Carribean.) He has been chairman of CAINTRA (Nuevo Leon State Manufacturing Industry Chamber) and the . St. James Press, 1998. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. Hylsa became the largest privately run steel mill in Mexico, a fully integrated complex with activities ranging from mining and processing iron ore to finished products. A low-cost steel producer that invested $982 million between 1990 and 1996 to modernize its facilities, it had the most diversified product line in Mexicos steel industry and was making products for use in the construction, auto parts, and home appliance industries. It operated more than 70 distribution centers. Operating income was a record $425 million and special gains related to the debt restructuring and the peso's stabilization against the dollar added $575 million more. Public, The Goodyear Tire & Rubber Company Fax: (312) 606-4093 4449, 52. Retrieved April 27, 2023 from Encyclopedia.com: https://www.encyclopedia.com/humanities/encyclopedias-almanacs-transcripts-and-maps/garza-sada-family. According to the 1987 FORBES inaugural list of the World's Billionaires, Brazil's Ermirio de Moraes family ($2 billion net worth) and Mexico's Garza Sada family ($1.3 billion net worth), were the . Chairman of the Board of Directors of ALFA, S.A.B. He also said Alfa would enter retailing by opening 25 home-improvement stores over the next five years. He married Margarita Sada Garca on 11 February 1921, in Monterrey, Nuevo Len, Mexico. [2] ALFA currently consists of four major operations and consortia as of 2009 - Alpek, which produces petrochemicals and synthetic fiber; Sigma, which manufactures food; Nemak, which builds automotive parts; and Alestra, which consists of ALFA's telecommunications arm. "There is no falling out," one source explained to the New York Times. That year it sold its 51 percent stake in one of the Monterrey Groups oldest holdings, the paper and packaging subsidiary Empaques de Carton Titan. All rights reserved. There had been frequent passionate in-fighting behind the facade of family unity, now it turned into a rift. Dsseldorf, 40211 However, the date of retrieval is often important. [1][2] Alfa also produces televisions, machinery, and has assets in Mexico's tourism sector. de C.V., El Puerto de Liverpool, S.A.B. "But there was a real problem as to who would be next 'supreme,' so they juggled the shares within the family and divided the group. The original head of probably the single most influential and extensive capitalist family in Mexico was Isaac Garza Garza, the son of Juan de la Garza Martnez, mayor of Monterrey, and Manuela Garza, Jewish immigrants from Spain who had settled in the region of Monterrey, Nuevo Len. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . De C.V. lvaro Fernndez Garza is a businessperson who has been the head of 6 different companies and currently holds the position of Co-Chairman for AXTEL SAB de CV, General Director at Grupo Alfa (Spain) and President, Chief Executive Officer & Director at Alfa SAB de CV. 4845 U.S. Highway 271 North "[2], The settlement of Alfa's debt left unresolved Hylsa's own debt, which in 1988 reached $1.2 billion to 68 lenders, including about $300 million in overdue interest. Under a complex arrangement, the creditor banks forgave $920 million in Alfas debt in return for 45 percent of its stock. When the extramarital affair of one of the Garza Sada women had to be broken off because it was causing too much scandal, Salinas claims that the lover was dismissed with generous compensation. A new flat-steel minimill was opened that year. Also, he held executive positions at ALFA, Polioles and Selther. Manufacturing ventures in television sets, bicycles, and tractors were sold. "Our Group" gives a rare view behind the respectable facade of Mexican society where some characters with private chapels in their homes also, the author alleges, lead hedonist lives, have long affairs and illegitimate children. The Larrea family is the second richest family in Mexico according to Forbes magazine. SAN PEDRO GARZA GARCIA, Mexico, March 7, 2022 /PRNewswire/ -- ALFA S.A.B. Finally, the author alleges, the decision was taken by some family members to kill the 81-year-old man because he was clearly losing his mind. de C.V., all of which are public companies, as well as Instituto Tecnolgico y de Estudios Superiores de Monterrey. One observer said they "always picked the kid with the Harvard MBA over the guy who really knew the business. In 1957 it patented HyL, a system of direct reduction known as fire sponging. Born in 1957, he joined ALFA in 1978. Therefore, its best to use Encyclopedia.com citations as a starting point before checking the style against your school or publications requirements and the most-recent information available at these sites: http://www.chicagomanualofstyle.org/tools_citationguide.html. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. Currently, he is a member of the Board of Directors of Alpek, S.A.B. Encyclopedia.com. It was also engaged in the manufacture of raw materials used in the production of polyester fibers and polymer products and in the manufacture of specialty chemical products. Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Polioles, S.A. de C.V. (51 percent). Versax, S.A. de C.V. was an Alfa subsidiary engaged in the production of aluminum cylinder heads and in three other industries: carpets and rugs, mattresses, and building supplies. The agreements allowed Hylsa to spend as much as $165 million over the next five years in capital expenditures, thereby giving it the opportunity to continue trying to compete in a crowded industry. [1] He also served as ALFA's former president. It operated more than 70 distribution centers. Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. Telephone: (330) 796-2121 [2] Additionally, Garza Sada was a member of the company's board of directors for two decades. By the end of the year it was predicting a $60 million loss and it finally reported an actual loss of $120 million. Although she is a millionaire in her own right (having inherited her father's department store chain) she was deeply shocked to find out what life was like with "the untouchable Monterrey Royalty," who have politicians at their call. window.__mirage2 = {petok:"DJKAqA11ycACRF3YkMEoyO6pFA5Md3QrRh5b2fnyp8s-86400-0"}; Garza was born into a business family, with his father founding the Cuauhtmoc Brewery in Monterrey in 1890. Death: December 13, 1979 (84) Monterrey, Nuevo Leon, Mexico. Rosario Garza Sada, Roberto Garza Sada, Eugenio Garza Sada, Consuelo Garza Sada, . "We manage these ventures, always," Garza Sada told Forbes in 1979. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Echeverria is now accused of fostering letfism and chaos. It was also engaged in the manufacture of raw materials used in the production of polyester fibers and polymer products and in the manufacture of specialty chemical products. Then, copy and paste the text into your bibliography or works cited list. His government, Echeverria is reported to have said, must adopt the apparent position of defending the masses and turning against the entrepreneurs. Alfa took a 26 percent interest in the company, Alestra, with Visa and Bancomer holding 25 percent and AT&T holding the remaining 49 percent. ." The creditors also were paid $25 million by Alfa and $200 million in Mexican government debt. By the end of the year it was predicting a $60 million loss and it finally reported an actual loss of $120 million. The Garza Sadas continue to be a dominant force among Mexican capitalists, as shareholders and board members of leading industrial firms, as members of entrepreneurial interest groups, as leaders of business organizations, and as managers of major industrial holding groups. Generali's No.3 investor Caltagirone withholds backing for 2022 accounts -sources, Musk says Tesla likely to launch full self-drive technology 'this year', Exclusive: JPMorgan employees gripe about Dimon's return-to-office edict, SpaceX rocket explosion illustrates Elon Musk's 'successful failure' formula, Cucinelli posts 33% rise in Q1 sales, confirms 2023 revenue growth forecast, Exclusive-Peter Thiel, Republican megadonor, won't fund candidates in 2024 - sources, Virginia Governor Youngkin 'humbled' by talk of possible presidential run, European Midday Briefing: Mood Brighter After -2-, Tim Cook unveils new Apple store in India, Morgan Stanley's dealmaking CEO Gorman signals more transactions to come.
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