garza sada family alfa

Encyclopedia of Latin American History and Culture. In retrospect, following Alfa's near-bankruptcy in 1982, Alfa's success bred arrogance. Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. req.] Sectorial interests include, but is not limited to, Consumer Products, Financial Institutions and . Then, copy and paste the text into your bibliography or works cited list. 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. Not just a few insiders, the politicians or the businessmen. In 1957 it patented HyL, a system of direct reduction known as fire sponging. When Dionisio Garza Medina, a nephew of Bernardo Garza Sada, became chairman in 1994, he fired half of Alfas middle managers and focused on restoring higher profitability to the companys three main business sectors: steel, petrochemicals, and food. Bernardo Garza Sada. 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. Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). Father of Bernardo Garza Sada; Private; Dionisio Garza Sada; Roberto Garza Sada and Margarita Garza Sada. Fax: (330) 796-2222 By the end of 1988 it had sold most of its food, and all of its tourism, real estate, and electric home-appliance holdings, retaining only two dozen subsidiaries. If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. 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. International Directory of Company Histories. Nadie supo nada: La verdadera historia del asesinato de Eugenio Garza Sada. : Grijalbo/Actualidad, 2006. It operated more than 70 distribution centers. 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 Hylsas common stock. Therefore, that information is unavailable for most Encyclopedia.com content. de C.V., Axtel, S.A.B. 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. learn how over 7,000 companies got started! [2] Alfa in the Early 1990s. This subsidiary accounted for 12 percent of Alfa's revenues in 1996. All of these conglomerates rank among the top fifty companies in Mexico. After receiving his first educatio, Jos Hernndez Its distribution network included 50 refrigerated warehouses and a fleet of more than 800 refrigerated vehicles, including 570 delivery trucks. 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. "Alfa, S.A. de C.V. Father of Mara Aurora Garza Sepulveda; Manuela Garza Sepulveda; Isaac Garza Sepulveda; Lorenzo Garza Sepulveda and Javier Garza Sepulveda. Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Polioles, S.A. de C.V. (51 percent). de C.V., a public company with a business portfolio that includes refrigerated food, petrochemicals, aluminum auto parts, IT and communications, and hydrocarbons, with operations in 28 countries. 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. 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. Cite this article Pick a style below, and copy the text for your bibliography. We would like to show you a description here but the site won't allow us. 1144 East Market Street Garza Sada is currently the Chairman of the Board of Directors of ALFA, S.A.B. 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. Husband of Margarita G Sada Garcia. 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. Garza Sada Family, major Mexican entrepreneurial family. 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. Privacy Policy. The company unwisely abandoned its prudent traditional policy of only integrating firms that had similar or complementary products. Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). It also took a quarter share in Grupo Televisa, which virtually monopolized Mexican television broadcasting. Armando Garza Sada serves as Independent Director of the Company. 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 . Alestra began long distance operations in Monterrey and Queretaro at the beginning of 1997 under the AT&T name. [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. In July 1982 it presented a restructuring plan that called for it to sell one-fourth of its assets over a five-year period. Then, copy and paste the text into your bibliography or works cited list. 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. They were the parents of at least 4 sons and 1 . There are 14 older and 21 younger executives at Cemex S.A.B. 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. 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. Blumenthal, Karen, Hylsas Debt of $1.2 Billion Is Restructured, Wall Street Journal, May 4, 1988, p. 4. The Turning Point. It was not only the leading private firm in Mexico but in all of Latin America. "[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. 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. a Family Office launched in 2013. In 1996 Alfa formed a joint venture with Valores Industriales, Bancomer (Mexicos second largest bank), and AT&T to enter the Mexican long distance telephone market in competition against Telefonos de Mexico. D-40213 Dsseldorf Mexico, D.F. In retrospect, following Alfa's near-bankruptcy in 1982, Alfa's success bred arrogance. 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. [1][2] Alfa also produces televisions, machinery, and has assets in Mexico's tourism sector. Located between Mexico and Jalisco, it has a population of 3,966,073 (2005) and its capital is Morelia. 1, 31. The Garza Sada family has created a state within a state. After studying merchandizing in Santander, Spain, he went into the grocery business with Jos Caldern, who married his aunt. Public Compa, August-Thyssen-Strasse 1 It was therefoe not surprising that presidential candidate Luis Echeverria had close contact with Don Eugenio or, Salinas recounts, that he alerted him in the late '60s that the social tensions and the recent army repression demanded a tactical change. He also said Alfa would enter retailing by opening 25 home-improvement stores over the next five years. 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. A frozen food plant and a cheese manufacturing facility were under construction. Jos Hernndez Alfa's stake was held through its subsidiary AlfaTelecom, S.A. de C.V.[2], 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. Menno Vellinga, Economic Development and the Dynamics of Class: Industrialization, Power and Control in Monterrey, Mexico (1979). Armando Garza Sada, Chairman of the . 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. "We manage these ventures, always", Garza Sada told Forbes in 1979. Armando Garza Sada: ALFA S.A.B. Another important subsidiary was Dinamica, S.A., which acted as the service group for the holding company. Language links are at the top of the page across from the title. 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. Germany There are no family members in important executive positions", Business Latin America wrote, "and this . Alpex was Alfa's biggest subsidiary, accounting for 44.5 percent of the parent company's revenues in 1996. "There is no falling out," one source explained to the New York Times. 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. https://www.encyclopedia.com/humanities/encyclopedias-almanacs-transcripts-and-maps/garza-sada-family, "Garza Sada Family Son of Roberto Garza Sada, prominent businessman and President of the Board of General Aceptaciones, and Margarita Sada, daughter of Francisco de Paula Sada Muguerza, secretary of the Treasury, 1920. . Whatever the truth about the Garza Sada killing, it was a turning point in the Echeverria regime. By the end of the year it was predicting a $60 million loss and it finally reported an actual loss of $120 million. A new flat-steel minimill was opened that year. Although Alfa suffered near-bankruptcy in the economic crisis of 1982 and lost money in the peso devaluation of 1994, it remained among the largest industrial enterprises in Mexico. Under a complex arrangement, the creditor banks forgave $920 million in Alfa's debt in return for 45 percent of its stock. ", Under Bernardo Garza Sada's leadership Alfa diversified from its base into petrochemicals, synthetic fibers, capital machinery, farm equipment, television sets, and tourism. (Sada died a few years ago is a diving accident in the Carribean.) lvaro Fernndez Garza. Private Company "If you look at the profile of our strategy," Garza Medina told a Wall Street Journal reporter, "we are going from a commodity company into more value-added products," with higher profit margins. 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. . Sigenzas father was tutor to Prince Baltazar before going to New Spain. Everyone plays at convincing themselves that no one knows what everyone knows." Hylsa (now Hylsamex) and Sigma Alimentos, the food subsidiary, received their own separate stock listings to reduce their dependence on the parent company. It operated more than 70 distribution centers. This company was involved in the entire steelmaking process from mining iron ore to manufacturing and distributing steel products. 17, 25. The company recorded the most profitable year of its history in 1988. Also, he held executive positions at ALFA, Polioles and Selther. The performance at the highest corporate level of Mr. Garza Sada in companies in the manufacturing sectors provides CEMEX, S.A.B. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. Grupo Alfa profits would know no limit.". We demand that! 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. De C.V. is Everardo ElizondoAlmaguer, 76, who is the Independent Director. 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. ." (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 . Husband of Mara Aurora Sepulveda. 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. ." Alfa in the Early 1990s. Manufacturing ventures in television sets, bicycles, and tractors were sold. Now, she says, she is a virtual outcast in Monterrey where friends and relatives either completely avoid her or send notes saying , "Congratulations, but you must understand I can't be seen talking to you." One observer said they "always picked the kid with the Harvard MBA over the guy who really knew the business. The corporate staff was slashed from 4,000 to 1,000, and later to 400. Alpek was Alfa's biggest subsidiary, accounting for 44.5 percent of the parent company's revenues in 1996. Incorporated :1984 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. ", 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. estimated between 1909 and 1969. "My children were furious about the first book. Much, Marilyn, Mexico: The Long Road Back, Industry Week, August 8, 1983, pp. 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. Alfa's stake was held through its subsidiary AlfaTelecom, S.A. de C.V. The huge conglomerates now embrace chemical, steel and cement Plants, textiles, television, two nationwide banking chains and employ 80,000 people. [2], Alfa also was required to divest itself of an undisclosed number of companies that were not part of its core business. Net sales rose to 14.21 billion pesos ($4.06 billion), but the company lost 2.16 billion pesos ($617 million). Torres, Craig, Mexican Conglomerate Alfa, As It Cuts Operations, May Face Hostile Investor, Wall Street Journal, August 25, 1994, p. A8. 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. "They also said that Martha Mitchell was mad. Monterrey, Mexico: Comit de Archivo y Biblioteca, Congreso del Estado de Nuevo Len, 2003. window.__mirage2 = {petok:"DJKAqA11ycACRF3YkMEoyO6pFA5Md3QrRh5b2fnyp8s-86400-0"}; The most famous of these groups, the ALFA industrial group, the largest in Latin America in the early 1980s, was founded by Bernardo Garza Sada, grandson of Isaac and son of Roberto. 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. Alfa also was required to divest itself of an undisclosed number of companies that were not part of its core business. 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.'". Alfas total debt was 18.5 billion pesos ($2.7 billion). Before that, he was the director for . Alfa in the Early 1990s. 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. By the end of 1988 it had sold most of its food, and all of its tourism, real estate, and electric home-appliance holdings, retaining only two dozen subsidiaries. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . de C.V. (ALFA A) (Consumer Goods Conglomerates) 1,716,994,307: 35.6%: 1,085,964,559 USD 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. Father of Private User; Private and Private. Discover the family tree of Eugenio Garza Sada for free, and learn about their family history and their ancestry. 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Jean Carroll Rape Lawsuit Over Unfair Rulings, Workers Well-BeingTops Agenda at Annual Shareholder Meetings, Bara DitchingPrivate Jet for Train Points toGreener Football, What to Know About Red-Flag Warnings, an Ominous WildfireForecast, Germany Sets the New Standard for Cheap, National Mass Transit, Chinas Now Spurning Ugliest Buildings That Symbolized Its Meteoric Rise, Broke Chinese Gen Zs Turn Factory Town into Top Tourist Spot, Nigerias SEC Plans to Allow Asset-Backed Tokens But Not Crypto, Bitcoin Sags After its Longest Streak of Monthly Gains Since 2021, Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. 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). Augustinians, a Roman Catholic religious order of priests and brothers named after the fifth-century bishop and saint Augustine of Hippo. 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. Its distribution network included 50 refrigerated warehouses and a fleet of more than 800 refrigerated vehicles, including 570 delivery trucks. Last updated: 1 March 2023 at 11:00am EST. As consumers, we often take for granted all the hard work that goes into building a great company. 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. All of these conglomerates rank among the top fifty companies in Mexico. "It's too close to a school, I am suddenly told by the authorities. ." 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.

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