With a population of 2,495,200 (2005) and an area of 58,522 square miles, Coahuila lies south of Texas along, Garvie, Maureen 1944-(Maureen McCallum Garvie), https://www.encyclopedia.com/humanities/encyclopedias-almanacs-transcripts-and-maps/garza-sada-family. He has been a member of CEMEX, S.A.B. Her secretary and researchers would continue the work in the daytime. 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. It manufactures and distributes cement, ready-mix concrete and aggregates in more than 50 countries. Before the year was out the government had extended Alfa an emergency aid package of 12 billion pesos ($480 million). Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. Salinas' excursions into the family closets and the dirty linen, even the skeletons that she claims, have all the makings of a best-seller - a best-seller, that is, had the book not disappeared. In 1982 the Mexican economy hit the rocks. Surviving copies of "Our Group" inevitably have becomes hot property: Some have shown up on the black market fetching as much as $130 apiece, spotty photostats have circulated like secret documents. In retrospect, following Alfa's near-bankruptcy in 1982, Alfa's success bred arrogance. That year it sold its 51 percent stake in one of the Monterrey Group's oldest holdings, the paper and packaging subsidiary Empaques de Carton Titan. 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. 2023 . At Alfa, we serve our markets "from the bottom up"; that is, we try to discover or anticipate, as precisely as possible, what the needs of our customers are, so as to provide the best solution. Garza Sada Family, major Mexican entrepreneurial family. In Vino Veritas. Net sales rose to 14.21 billion pesos ($4.06 billion), but the company lost 2.16 billion pesos ($617 million). 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. "There is no falling out", one source explained to The New York Times. 2023 . His union with Consuelo produced numerous children, among them Eugenio Garza Sada, Isaac Garza Sada, and Roberto Garza Sada. Located between Mexico and Jalisco, it has a population of 3,966,073 (2005) and its capital is Morelia. "[2], 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. 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. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. We manage these ventures, always, Garza Sada told Forbes in 1979. A Mexican millionaire has electrified the political and social scene here with a cutting expose in her versions of the secret goings-on in the inner circles of Mexico's wealthiest and most powerful family. [2], Alfa also was required to divest itself of an undisclosed number of companies that were not part of its core business. And she claims further - "There are innocent people in jail blamed for Don Eugenio's assassination. estimated between 1909 and 1969. The net worth of Bernardo Garza Sada and his family was estimated at $1.5 billion in 1996. Alestra began long distance operations in Monterrey and Queretaro at the beginning of 1997 under the AT&T name. "My children were furious about the first book. Hylsa became the largest privately run steelmaker in Mexico, a fully integrated complex with activities ranging from mining and processing iron ore to finished products. Armando Garza Sada. In 1982 the Mexican economy hit the rocks. . Los benemritos de Nuevo Len. 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). Another important subsidiary was Dinamica, S.A., which acted as the service group for the holding company. SAN PEDRO GARZA GARCIA, Mexico, March 7, 2022 /PRNewswire/ -- ALFA S.A.B. However, the date of retrieval is often important. He also said Alfa would enter retailing by opening 25 home-improvement stores over the next five years. "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. Torres, Craig, Mexican Conglomerate Alfa, As It Cuts Operations, May Face Hostile Investor, Wall Street Journal, August 25, 1994, p. A8. By the end of the year it was predicting a $60 million loss and it finally reported an actual loss of $120 million. Before the year was out the government had extended Alfa an emergency aid package of 12 billion pesos ($480 million). It was not only the leading private firm in Mexico but in all of Latin America. de C.V., all of which are public companies, as well as Instituto Tecnolgico y de Estudios Superiores de Monterrey. Whatever the truth about the Garza Sada killing, it was a turning point in the Echeverria regime. [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]. Akron, Ohio 44316-0001 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. 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. ", Salinas says nothing can hold her back. Most online reference entries and articles do not have page numbers. It was not only the leading private firm in Mexico but in all of Latin America. Garza Sada Sada, Dionisio was born on August 8, 1928 in Monterrey, Nuevo Len, Mexico. a Family Office launched in 2013. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. The performance at the highest corporate level of Mr. Garza Sada in companies in the manufacturing sectors provides CEMEX, S.A.B. In 1995 Alfa returned to profitability, with net income of 2.09 billion pesos ($307 million) on net sales of 21.52 billion pesos ($3.16 billion). Husband of Mara Aurora Sepulveda. Roderic Ai Camp, Entrepreneurs and Politics in Twentieth Century Mexico (1989). Ori, Coahuila, third largest state in Mexico. Finally, we can read about how these great companies came about with Company Histories.. The Alfa man had to look good on paper.. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. 19. 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. There had been frequent passionate in-fighting behind the facade of family unity, now it turned into a rift. He also has participated in university and think tank boards, thus developing some knowledge of education and economic development. Encyclopedia.com. The company recorded the most profitable year of its history in 1988. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. Fax: (330) 796-2222 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). In 2013, it was the seventh largest company of Mexico according to CNN Expansin.[1]. I can fight and write and pay lawyers. Armando Garza Sada serves as Independent Director of the Company. DE C.V. Francisco Javier Fernndez-Carbajal: Armando Garza Sada: David Manuel Martnez Guzmn: It operated more than 70 distribution centers. 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. "There are no family members in important executive positions", Business Latin America wrote, "and this has contributed to a more professional and predictable management style. 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). The untimely death of Eugenio Garza Sada, who was murdered in September 1973, served as a catalyst in breaking up the beer, glass, and steel empire into four separate, but complementary, holding companies. "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. As of 2014, its portfolio comprised five businesses: Alpek, the petrochemical company; Nemak, the aluminum auto components company; Sigma Alimentos, the refrigerated foods company; Alestra, the IT & telecom company; and Newpek, the oil and natural gas extraction company. Some family members had, according to well-placed sources, got hold of several chapters and without bothering to go to court had allegedly used their influence with the police. Alfa was a party to 11 joint ventures with foreign companies. Family Tree . 2019Encyclopedia.com | All rights reserved. With most shares held among the myriad Garza Sada relatives and descendants, composition of ownership of the "Monterrey Group," as it is known, remained hidden. She alleges she was surrounded by cars full of gunmen and was swamped with telephone threats. Oversold stocks. Encyclopedia.com. His government, Echeverria is reported to have said, must adopt the apparent position of defending the masses and turning against the entrepreneurs. NAIC :32562 Toilet Preparatio, 125 South Franklin Street 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. We see them around but we don't know what goes on behind the scenes. . "There are no family members in important executive positions," Business Latin America wrote, "and this has contributed to a more professional and predictable management style.". If not, a banker; a third way is to be a wealthy merchant, although they are up to a point despised; the last, and a good method, is of course to have an affair with a woman of the 'group.'". Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. It also participates in the extraction of oil and natural gas, and offers IT & telecom services. "Alfa, S.A. de C.V. [1] He also served as ALFA's former president. Oil prices would know no limit. In 1957 it patented HyL, a system of direct reduction known as fire sponging. Alpek was Alfa's biggest subsidiary, accounting for 44.5 percent of the parent company's revenues in 1996. All of these conglomerates rank among the top fifty companies 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 Pennsylvania's Wharton School of Business. Telephone: +49 (0) 211 820-0 One observer said they "always picked the kid with the Harvard MBA over the guy who really knew the business. Armando Garza Sada serves as Independent Director of the Company. He also said Alfa would enter retailing by opening 25 home-improvement stores over the next five years. Two of her eight children, directors in family companies, have been forced to resign, she claims, while one of her researchers has been beaten up and threatened. 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. The settlement of Alfas debt left unresolved Hylsas own debt, which in 1988 reached $1.2 billion to 68 lenders, including about $300 million in overdue interest. The book stunningly claims that the 1973 assassination of family patriarch Eugenio Garza Sada was not the work of leftist guerrillas, as the country had been led to believe, but had been ordere by some prominent members of the family. "[2], Under Bernardo Garza Sada's leadership Alfa diversified from its base into petrochemicals, synthetic fibers, capital machinery, farm equipment, television sets, and tourism. 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Born in 1957, he joined ALFA in 1978. de C.V.s Board of Directors a unique insight on the global economic and commercial landscape, thus allowing the constant improvement of CEMEXs business strategy. de C.V., Mexico 14th Annual Global CEO Survey Interview Transcripts 208219. to hold my teacher in this art equal to my own parents; to make him partner in my livelihood; when he is in need of money to share mine with him; to consider his family as my own brothers and to teach them this art, if they want to learn it, without fee or indenture. Relatives claim that they have been "tortured and forced to confess.". Privately, a family member told a reporter that Salinas had caused them "terrible headaches and had to be stopped even by force. It operated more than 70 distribution centers. Manufacturing ventures in television sets, bicycles, and tractors were sold. All of these conglomerates rank among the top fifty companies in Mexico. A foreign bank representative recalled, "They were on the same kind of roll that the Mexican government was on then. 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. The creditors also were paid $25 million by Alfa and $200 million in Mexican government debt. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income fell to 444 million pesos ($130 million). From media and technology to finance and real estate, leagues and teams across the globe have matured into far more than just back page entertainment. Fax: +49 (0) 211 820-1846 Hylsa (now Hylsamex) and Sigma Alimentos, the food subsidiary, received their own separate stock listings to reduce their dependence on the parent company. Web site: http://www.usg.com In 1995 Alfa returned to profitability, with net income of 2.09 billion pesos ($307 million) on net sales of 21.52 billion pesos ($3.16 billion). 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. Alfa's total debt was 18.5 billion pesos ($2.7 billion). 4845 U.S. Highway 271 North In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . [2], The collapse of the peso in late 1994 took a heavy toll on Alfa, as on other Mexican enterprises. 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. A new flat-steel minimill was opened that year. (April 27, 2023). And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries. Its distribution network included 50 refrigerated warehouses and a fleet of more than 800 refrigerated vehicles, including 570 delivery trucks. Source: International Directory of Company Histories, Vol. The Argentine poet Jos Hernndez (1834-1886) was an active social force during the period of consolidation of the Arge, Tarascans (now also called Purpecha), the Native American linguistic and cultural group that in pre-Spanish times occupied most of the area of the p, Michoacn, central-western Mexican state. Armando Garza Sada, Chairman of the . //