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. 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. 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. 19. 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. She alleges she was surrounded by cars full of gunmen and was swamped with telephone threats. Alfa's total debt was 18.5 billion pesos ($2.7 billion). Technical Rankings. 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. 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 Mexico's steel industry and was making products for use in the construction, auto parts, and home appliance industries. 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. 19. Privacy Policy. A new flat-steel minimill was opened that year. 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 Mexico's steel industry and was making products for use in the construction, auto parts, and home appliance industries. He has been a member of CEMEX, S.A.B. de C.V., a public company with a business portfolio that . "There is no falling out," one source explained to the New York Times. Medina, Enriqueta, and Federico Arreola. The corporate staff was slashed from 4,000 to 1,000, and later to 400. There are no family members in important executive positions", Business Latin America wrote, "and this . 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. Even the local federal attorney's office refuse to register Salinas' denuciations. Alfa is listed on the Mexican Stock Exchange and the Latibex, the Latin American market in the Madrid Stock Exchange. 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. Telephone: ( +49 211) 824-0 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. . In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. Buoyant Domestic Sales Boost Grupo Alfa, El Financiero (English-language weekly edition), February 24-March 2, 1997, pp. Alfa's 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. Mr. Armando Garza Sada serves as an Executive Vice President of Corporate Development of Grupo Industrial Alfa, SA de CV. SAN PEDRO GARZA GARCIA, Mexico, March 7, 2022 /PRNewswire/ -- ALFA S.A.B. The company recorded the most profitable year of its history in 1988. Under cnsiderable pressure, a weekly magazine bowed out of serializing the book. 2019Encyclopedia.com | All rights reserved. Petrochemicals, aluminum auto parts, refrigerated foods, telecommunications. Eventually, in 1986, Alfa paid off about five dozen foreign banks in stock. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. It operated more than 70 distribution centers. It is a diversified group of businesses, mainly industrial, that produces petrochemicals, aluminum auto components, and refrigerated foods. Before the year was out the government had extended Alfa an emergency aid package of 12 billion pesos ($480 million). 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. In Vino Veritas. A new flat-steel minimill was opened that year. [1] He also served as ALFA's former president. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . The creditors also were paid $25 million by Alfa and $200 million in Mexican government debt. One observer said that Alfa "bought businesses like someone would buy candies for their children." "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. Riding, Alan, Monterrey Group: A Family of Wealth and Symbol of Economic Independence, New York Times, October 21, 1974, p. 53. de C.V., a listed corporation in Mexico with operations in 23 countries, and a business portfolio that includes petrochemicals, refrigerated food, telecommunications, IT and energy. The Larrea family is the second richest family in Mexico according to Forbes magazine. 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. Pittsburg, Texas 75686-0093 In retrospect, following Alfas near-bankruptcy in 1982, Alfas success bred arrogance. It operated more than 70 distribution centers. Presently, Juan Carlos Caldern Rojass is Deputy Director-Treasury Sales at Banco Nacional de Mxico SA. Family Tree . Death: December 13, 1979 (84) Monterrey, Nuevo Leon, Mexico. 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. The company recorded the most profitable year of its history in 1988. See Armando Garza Sada's compensation, career history, education, & memberships. It is the largest of the four holding companies that constitute the Monterrey Group, which encompasses the holdings of the extended Garza Sada family, Mexico's wealthiest. req.] 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. Dsseldorf, 40211 https://www.encyclopedia.com/humanities/encyclopedias-almanacs-transcripts-and-maps/garza-sada-family, "Garza Sada Family Germany "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.". 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. . Behind the Facade. In July 1982 it presented a restructuring plan that called for it to sell one-fourth of its assets over a five-year period. There had been frequent passionate in-fighting behind the facade of family unity, now it turned into a rift. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. Immediate Family: Son of Isaac Garza Garza and Consuelo Sada Muguerza. . 4845 U.S. Highway 271 North [1], Bernardo Garza Sada died at his home in Monterrey, Nuevo Len, Mexico, on November 7, 2009, at the age of 79. 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. Grupo Alfa profits would know no limit.. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. Before that, he was the director for . It operated more than 70 distribution centers. Ori, Coahuila, third largest state in Mexico. de C.V. (ALFA A) (Consumer Goods Conglomerates) 1,716,994,307: 35.6%: 1,085,964,559 USD Source: International Directory of Company Histories, Vol. Fernndez Menndez, Jorge. Menno Vellinga, Economic Development and the Dynamics of Class: Industrialization, Power and Control in Monterrey, Mexico (1979). The company unwisely abandoned its prudent traditional policy of only integrating firms that had similar or complementary products. [1], Garza Sada also championed the modernization of Monterrey Institute of Technology, one of Mexico's most important private universities. Monterrey, Mxico: Gobierno del Estado de Nuevo Len, 1994. [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]. The Life Summary of Roberto. Or purchase a subscription for unlimited access to real news you can count on. In 1936 the family holdings, already vast, were divided into two separate industrial groups. ALFFF: Get the latest Alfa SAB de C stock price and detailed information including ALFFF news, historical charts and realtime prices. Birthdate: estimated between 1862 and 1922. : Grijalbo/Actualidad, 2006. Alfas total debt was 18.5 billion pesos ($2.7 billion). Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. 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. A1, A8. "There is no falling out", one source explained to The New York Times. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. The net worth of Bernardo Garza Sada and his family was estimated at $1.2 billion in 1996. "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. Augustinians, a Roman Catholic religious order of priests and brothers named after the fifth-century bishop and saint Augustine of Hippo. [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]. Don't miss out this opportunity and join . 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. Armando Garza Sada. [2], In 1996, Alfa formed a joint venture with Valores Industriales, Bancomer (Mexico's second largest bank), and AT&T to enter the Mexican long-distance telephone market in competition against Telfonos de Mexico. U.S.A. Under a complex arrangement, the creditor banks forgave $920 million in Alfa's debt in return for 45 percent of its stock. 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. Grupo Alfa profits would know no limit. ALFA (Mexico) - Origins - Restructuring in The 1980s. 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. 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.'". (April 27, 2023). Again, Don Eugenio agreed and, in so doing caused a great uproar within the family. One observer said they always picked the kid with the Harvard MBA over the guy who really knew the business. Alfa has operations in Mexico, the United States and other 21 countries across the Americas, Europe and Asia. 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. St. James Press, 1998, This page was last edited on 22 April 2023, at 14:09. de C.V., also known as Alfa or Alfa Group, is a Mexican multinational conglomerate headquartered in Monterrey, Mexico. Chairman of the Board of Directors of ALFA, S.A.B. Please help update this article to reflect recent events or newly available information. In retrospect, following Alfa's near-bankruptcy in 1982, Alfa's success bred arrogance. Chairman of the Board, Alfa. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income fell to 444 million pesos ($130 million). ." 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. Fax: (312) 606-4093 In retrospect, following Alfa's near-bankruptcy in 1982, Alfa's success bred arrogance. Oil prices would know no limit. Pick a style below, and copy the text for your bibliography. The performance at the highest corporate level of Mr. Garza Sada in companies in the manufacturing sectors provides CEMEX, S.A.B. Chicago, Illinois 60606-4678 . In 1936 the family holdings, already vast, were divided into two separate industrial groups. Net sales rose to 14.21 billion pesos ($4.06 billion), but the company lost 2.16 billion pesos ($617 million). His union with Consuelo produced numerous children, among them Eugenio Garza Sada, Isaac Garza Sada, and Roberto Garza Sada. In 1996 Alfa formed a joint venture with Valores Industriales, Bancomer (Mexico's second largest bank), and AT&T to enter the Mexican long distance telephone market in competition against Telefonos de 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. 157 likes, 0 comments - Eugenio Garza Sada (@egsglobal) on Instagram: "APPLY NOW! Garza Sada is currently the Chairman of the Board of Directors of ALFA, S.A.B. The memorial is located at the crossroad where Garza Sada died in 1973. Then, copy and paste the text into your bibliography or works cited list. Web site: http, Mannesmannufer 2 ", Under Bernardo Garza Sada's leadership Alfa diversified from its base into petrochemicals, synthetic fibers, capital machinery, farm equipment, television sets, and tourism. 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. Rosario Garza Sada, Roberto Garza Sada, Eugenio Garza Sada, Consuelo Garza Sada, . She is going mad, and the worst part is that she has money so it is difficult to stop her. Eventually, in 1986, Alfa paid off about five dozen foreign banks in 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. Akron, Ohio 44316-0001 Encyclopedia.com. Salinas did not leave her home for three weeks. Web site: http://www.pilgrimspride.com "It's too close to a school, I am suddenly told by the authorities. 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.. 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. [2], 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. "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. Stockton, William, Banks To Get Stake in Mexicos Alfa, New York Times, December 11, 1986, p. D10. Oversold stocks. de C.V., Mexico 14th Annual Global CEO Survey Interview Transcripts In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . 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. In 1936 the family holdings, already vast, were divided into two separate industrial groups. 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. Echeverria is now accused of fostering letfism and chaos. 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. In 1982 the Mexican economy hit the rocks. Oil prices would know no limit. Therefore, that information is unavailable for most Encyclopedia.com content. Before the year was out the government had extended Alfa an emergency aid package of 12 billion pesos ($480 million). Cite this article Pick a style below, and copy the text for your bibliography. In 1957 it patented HyL, a system of direct reduction known as fire sponging. It manufactures and distributes cement, ready-mix concrete and aggregates in more than 50 countries. Web site: http://www.thyssenkrupp.com 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 was not only the leading private firm in Mexico but in all of Latin America. One observer said they "always picked the kid with the Harvard MBA over the guy who really knew the business. 208219. Then, copy and paste the text into your bibliography or works cited list. ." Eugenio Garza Sada on Instagram: "APPLY NOW! We already start the application period for the 3rd generation of Dandelions! 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 . He was President of Versax and of Sigma. Name: Equities % Valuation: Alfa S.A.B. 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. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. 17, 25. Managed by: Roberto Armando Sada Villarreal.