Monterrey Group: A Family of Wealth and Symbol of Economic Independence 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. Copyright 2023 Surperformance. By the end of the year it was predicting a $60 million loss and it finally reported an actual loss of $120 million. 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. req.] de C.V. (BMV: ALFAA) ("ALFA") held its Annual General Shareholders' meeting today. Husband of Private. Torres, Craig, Mexican Conglomerate Alfa, As It Cuts Operations, May Face Hostile Investor, Wall Street Journal, August 25, 1994, p. A8. "[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. Moffett, Matt, Mexico Conglomerate Cuts Costs and Learns Theres Life After Debt, Wall Street Journal, July 26, 1989, pp. All of these conglomerates rank among the top fifty companies in Mexico. 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. Although Alfa formed joint ventures with Hercules and American Petrofina to produce polyester, Du Pont to produce other synthetic fibers, Ford to turn out aluminum cylinder heads, and Hitachi to make electric motors, it insisted on control. "There is no falling out", one source explained to The New York Times. Armando Garza Sada is Chairman of the Board at Grupo ALFA. It was not only the leading private firm in Mexico but in all of Latin America. 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. De C.V. is Everardo ElizondoAlmaguer, 76, who is the Independent Director. Augustinians, a Roman Catholic religious order of priests and brothers named after the fifth-century bishop and saint Augustine of Hippo. Encyclopedia.com. . Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Polioles, S.A. de C.V. (51 percent). Ninfa Salinas Sada, Benjamn Salinas Sada, and Hugo Salinas Sada are his eldest children. In 1957 it patented HyL, a system of direct reduction known as fire sponging. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. ", No member of the Garza Sada family has made statements to the press. All of these conglomerates rank among the top fifty companies in Mexico. 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. The creditors also were paid $25 million by Alfa and $200 million in Mexican government debt. [2] In a statement released posthumously, ALFA called Garza Sada, "Leader and visionary businessman, promoter of education and social responsibility, driving force for the growth of the company and the country."[1]. Armando Garza Sada. 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. In 2013, it was the seventh largest company of Mexico according to CNN Expansin.[1]. The police action has caused and out-cry in the press, which argues that while the book may not be respectable, its illegal confiscation only underlunes the author's premise: the power of the Garza Sada family. Roberto Garza Sada (1895 - 1979) - Genealogy Finally, we can read about how these great companies came about with Company Histories.. 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. Father of Mara Aurora Garza Sepulveda; Manuela Garza Sepulveda; Isaac Garza Sepulveda; Lorenzo Garza Sepulveda and Javier Garza Sepulveda. In 1936 the family holdings, already vast, were divided into two separate industrial groups. Mr. Armando Garza Sada serves as an Executive Vice President of Corporate Development of Grupo Industrial Alfa, SA de CV. U.S.A. Oil prices would know no limit. de C.V., Mexico 14th Annual Global CEO Survey Interview Transcripts Mr. Garza Sada is currently the Chairman of the Board of Directors of ALFA, S.A.B. This company was involved in the entire steelmaking process from mining iron ore to manufacturing and distributing steel products. Irma Salinas, 57, and her kin about whom she writes are the industrial barons of Monterrey, some members of the Garza Sada family, whose name is as familiar in Mexico as Rockefeller in the United States. 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. Sigenzas father was tutor to Prince Baltazar before going to New Spain. [1], Garza Sada also championed the modernization of Monterrey Institute of Technology, one of Mexico's most important private universities. We manage these ventures, always, Garza Sada told Forbes in 1979. de C.V., a public company with a business portfolio that . Monterrey, Mxico: Gobierno del Estado de Nuevo Len, 1994. In Vino Veritas. . The corporate staff was slashed from 4,000 to 1,000, and later to 400. Alfas subsidiary Alpex, S.A. de C.V. was engaged in the manufacture of petrochemicals and synthetic fibers for use primarily as raw materials in the textile, food, beverage, packaging, construction, and automotive industries. Sales :$6.07 billion (1997 est.) Family Tree . Public Compa, August-Thyssen-Strasse 1 Armando Garza Sada, Alfa Sab de CV: Profile and Biography 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. It operated more than 70 distribution centers. It is this Armando Garza Sada Chairman of the Board of Directors, Alfa, S.A.B. [1] He also served as ALFA's former president. Alfa was a party to 11 joint ventures with foreign companies. Oversold stocks. lvaro Fernndez Garza. 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.. Her secretary and researchers would continue the work in the daytime. Operating income was a record $425 million and special gains related to the debt restructuring and the pesos stabilization against the dollar added $575 million more. DE C.V. Francisco Javier Fernndez-Carbajal: Armando Garza Sada: David Manuel Martnez Guzmn: Alestra began long distance operations in Monterrey and Queretaro at the beginning of 1997 under the AT&T name. Much, Marilyn, Mexico: The Long Road Back, Industry Week, August 8, 1983, pp. Don Eugenio, Salinas writes, understood and agreed to inform the other industrial captains. Guaguacoa Carrizalejo on Instagram: "Nos encontramos sobre la ave Net sales rose to 14.21 billion pesos ($4.06 billion), but the company lost 2.16 billion pesos ($617 million). ." Its distribution network included 50 refrigerated warehouses and a fleet of more than 800 refrigerated vehicles, including 570 delivery trucks. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. He also said Alfa would enter retailing by opening 25 home-improvement stores over the next five years. ", Another relative, also a member of Monterrey society, she describes as a typical Mexican macho always ready to show off his latest-model sports car or newest mistress. 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. 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. In retrospect, following Alfa's near-bankruptcy in 1982, Alfa's success bred arrogance. Cemex S.A.B. After Eugenio Garza Sada, head of the Monterrey Group, was murdered in 1973 in what was described as an abortive kidnapping by left-wing terrorists, the family empire broke into four parts. In July 1982 it presented a restructuring plan that called for it to sell one-fourth of its assets over a five-year period. Rosario Garza Sada, Roberto Garza Sada, Eugenio Garza Sada, Consuelo Garza Sada, . 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). Bernardo Garza Sada (1930 - 7 November 2009) was a Mexican businessman who founded the Grupo ALFA conglomerate in 1974. She alleges she was surrounded by cars full of gunmen and was swamped with telephone threats. 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. Mr. Garza Sada holds a Bachelors degree from the Massachusetts Institute of Technology and an M.B.A. from Stanford University. Located between Mexico and Jalisco, it has a population of 3,966,073 (2005) and its capital is Morelia. However, the date of retrieval is often important. Garza Sada Family Monterrey, Mexico. Bernardo Garza Sada (1930 7 November 2009) was a Mexican businessman who founded the Grupo ALFA conglomerate in 1974. ", Salinas suspects that her relatives will want to ruin her economically, although "that will take them a while. "It's something I had to do," says Salinas. 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. . 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. The company unwisely abandoned its prudent traditional policy of only integrating firms that had similar or complementary products. Birthplace: Monterrey, Nuevo Leon, Mexico. Language links are at the top of the page across from the title. of which nine would be named jointly by the foreign banks and the Garza Sada family. Immediate Family: Son of Isaac Garza Garza and Consuelo Sada Muguerza. They were the parents of at least 4 sons and 1 . Alfa, S.A. de C.V. -- Company History 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. It held 48 percent of the cold-rolled sheet market, 44 percent of the small-diameter pipe market, and 38 percent of the galvanized-sheet market in 1995. 27 Apr. In retrospect, following Alfa's near-bankruptcy in 1982, Alfa's success bred arrogance. Don't miss out this opportunity and join . Therefore, that information is unavailable for most Encyclopedia.com content. Sociedad Annima Burstil de Capital Variable, "Alfa, Harbour Energy to buy Pacific Rubiales for C$6 billion", https://en.wikipedia.org/w/index.php?title=ALFA_(Mexico)&oldid=1151195256, Manufacturing companies based in Monterrey, Conglomerate companies established in 1974, Manufacturing companies established in 1974, Multinational companies headquartered in Mexico, Non-renewable resource companies established in 1974, Companies listed on the Mexican Stock Exchange, Companies listed on the Madrid Stock Exchange, Articles with obsolete information from November 2015, All Wikipedia articles in need of updating, Creative Commons Attribution-ShareAlike License 3.0, aluminum auto components, petrochemicals, refrigerated foods, oil and natural gas, "Alfa, S.A. de C.V" International Directory of Company Histories, Vol. "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.". learn how over 7,000 companies got started! The performance at the highest corporate level of Mr. Garza Sada in companies in the manufacturing sectors provides CEMEX, S.A.B. Armando Garza Sada is Chairman of the Board at Grupo ALFA. Encyclopedia of Latin American History and Culture. Alfas stake was held through its subsidiary AlfaTelecom, S.A. de C.V. Alfa, S.A. de C.V. is a holding company for subsidiaries engaged in telecommunications services and in producing, marketing, and distributing petrochemicals, synthetic fibers, steel and steel products, refrigerated foods, auto parts, carpets and rugs, mattresses, and building supplies. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. Alfa received $2.4 billion in loans from more than 130 foreign creditors and was planning to invest $3.5 billion by the end of 1984, almost three-fifths of it in money to be borrowed, mostly from sources outside Mexico. In 1982 the Mexican economy hit the rocks. Garza Sada Sada, Dionisio was born on August 8, 1928 in Monterrey, Nuevo Len, Mexico. Garza Sada is currently the Chairman of the Board of Directors of ALFA, S.A.B. 1, 31. 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. "We manage these ventures, always", Garza Sada told Forbes in 1979. Chairman of the Board, Alfa. ." One observer said they "always picked the kid with the Harvard MBA over the guy who really knew the business. de C.V. 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. window.__mirage2 = {petok:"DJKAqA11ycACRF3YkMEoyO6pFA5Md3QrRh5b2fnyp8s-86400-0"}; Isaac Garza Garza - Wikipedia Bloomberg Markets Americas. Grupo Alfa profits would know no limit. A foreign bank representative recalled, "They were on the same kind of roll that the Mexican government was on then. 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. So I wrote every night from 9 till 6 the next morning. Eugenio Garza Sada (January 11, 1892 - September 17, 1973) was an industrialist in the city of Monterrey, Mexico best known for founding the Instituto Tecnologico y de Estudios Superiores de Monterrey (ITESM) school system in the country. Death: December 13, 1979 (84) Monterrey, Nuevo Leon, Mexico. 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. This company was involved in the entire steelmaking process from mining iron ore to manufacturing and distributing steel products. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. Expecting problems, Salinas says she decided to write the book secretly. de C.V. (ALFA A) (Consumer Goods Conglomerates) 1,716,994,307: 35.6%: 1,085,964,559 USD Alfa's total debt was 18.5 billion pesos ($2.7 billion). 'I Can Fight', Her conscience, she says, does not bother her. 20th-century Mexican art Icon Link Plus Icon; Icon Link Plus Icon; Pick a style below, and copy the text for your bibliography. Five leftist guerrillas, charged with "plotting the kidnapping," have been in Monterrey jail for 4 1/2 years without trial or sentence. "[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. Germany [1] He was survived by his wife and three children. The net worth of Bernardo Garza Sada and his family was estimated at $1.5 billion in 1996. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . Web site: http://www.usg.com 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). After studying merchandizing in Santander, Spain, he went into the grocery business with Jos Caldern, who married his aunt. "It took 3 1/2 months. https://www.encyclopedia.com/books/politics-and-business-magazines/alfa-sa-de-cv, "Alfa, S.A. de C.V. Isaac Garza Sada (deceased) - Genealogy Bernardo Garza Sada - Wikipedia Telephone: (330) 796-2121 The Life Summary of Roberto. Manufacturing ventures in television sets, bicycles, and tractors were sold. Monterrey, Mexico: Comit de Archivo y Biblioteca, Congreso del Estado de Nuevo Len, 2003. A new flat-steel minimill was opened that year. (Sada died a few years ago is a diving accident in the Carribean.) de C.V., all of which are public companies, as well as Instituto Tecnolgico y de Estudios Superiores de Monterrey. Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Policies, S.A. de C.V. (51 percent). However, the date of retrieval is often important. Retrieved April 27, 2023 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/alfa-sa-de-cv. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. 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." Employees :29,854 (June 3, 1853 - May 1, 1933) was a Mexican businessman who redirected to industry the interests of the Garza family which, according to Fortune Magazine, are the Mexican equivalent of the Rockefellers This page was last edited on 27 November 2020, at 12:18 . [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. Relatives claim that they have been "tortured and forced to confess.". Husband of Margarita G Sada Garcia. Another important subsidiary was Dinamica, S.A., which acted as the service group for the holding company. Roberto Garza Sada (1895-1979) FamilySearch Web site: http://www.mannesmann.com Or purchase a subscription for unlimited access to real news you can count on. 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.'". 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. Sigma Alimentos, S.A. de C.V. (formerly Salumni, S.A. de C.V.), which distributed Oscar Mayer and its own brand of packaged meat and other food products, enjoyed 36 percent of domestic market share in processed meats in 1995. I've begun to understand the abuse of power and the alienation that comes from the need to gain more and more power through money. lvaro Fernndez Garza - Biography - MarketScreener.com By the end of the year it was predicting a $60 million loss and it finally reported an actual loss of $120 million. The collapse of the peso in late 1994 took a heavy toll on Alfa, as on other Mexican enterprises. It operated more than 70 distribution centers. The chapters full of erotic scenes she says have a purpose: "I know I'm ridiculed for that because I'm a grandmother. 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. Alfa S.A.B. NAIC :32562 Toilet Preparatio, 125 South Franklin Street Another son, Isaac, took over another set of firms, and also developed his own businesses. 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). "With my eight children, and 17 grandchildren coming in and out all the time, it was impossible to go around hiding my papers everytime the bell rang," she says. Oil prices would know no limit. Medina, Enriqueta, and Federico Arreola. Armando Garza Sada serves as Independent Director of the Company. By 1980 it had 157 subsidiaries in 39 branches of the economy. Geneanet. He is also Chairman for the University of Monterrey . 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). Garza Sada Family Alestra began long distance operations in Monterrey and Queretaro at the beginning of 1997 under the AT&T name. Sigma was planning to make frozen Mexican food for both the domestic and U.S. markets. 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. Principal Subsidiaries: AlfaTelecom, S.A. de C.V.; Alpex, S.A. de C.V,; Dinamica, S.A. de C.V.; Hylsamex, S.A. de C.V.; Sigma Alimentos, S.A. de C.V.; Versax, S.A. de C.V. But this is how things are done high up. In all, Alfa was operating ten petrochemical and synthetic fiber plants in 1995, seven steel plants and a service center, six refrigerated-food plants, two carpet and rug plants, two mattress plants, an aluminum cylinder-head plant, and two building supplies retail stores. "Alfa, S.A. de C.V. estimated between 1909 and 1969. 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. Eugenio Garza Sada - Wikipedia 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. It manufactures and distributes cement, ready-mix concrete and aggregates in more than 50 countries. Aside from the sober, political sections of the book, Salinas uses a sharp tongue and a very personal style to describe the exclusive, tight knit family which she entered by marrying Roberto G. Sada, grandson of one of the founders of the Garza Sada empire.