Keep supporting great journalism by turning off your ad blocker. The oldest executive at Cemex S.A.B. Presently, Juan Carlos Caldern Rojass is Deputy Director-Treasury Sales at Banco Nacional de Mxico SA. de C.V., Axtel, S.A.B. Privately, a family member told a reporter that Salinas had caused them "terrible headaches and had to be stopped even by force. Hylsa (now Hylsamex) and Sigma Alimentos, the food subsidiary, received their own separate stock listings to reduce their dependence on the parent company. Another important subsidiary was Dinamica, S.A., which acted as the service group for the holding company. The memorial to Garza Sada was created to educate future generations of Garza Sada's work. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . But this is how things are done high up. 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. of C.V. Born in Monterrey, Mexico, 1957. . [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. . As consumers, we often take for granted all the hard work that goes into building a great company. ." 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. 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 (Mexico) - Origins - Restructuring in The 1980s. 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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. req.] 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. "[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. De C.V since 2018. In Vino Veritas. "[2], Under Bernardo Garza Sada's leadership Alfa diversified from its base into petrochemicals, synthetic fibers, capital machinery, farm equipment, television sets, and tourism. The net worth of Bernardo Garza Sada and his family was estimated at $1.2 billion in 1996. Alfa in the Early 1990s. 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. 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. ", 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. 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. In 1936 the family holdings, already vast, were divided into two separate industrial groups. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. Don Eugenio, as he was widely known, was the man mainly respinsible for turning a family beer brewery and glass factory into what is now a $1.5-billion industrial concern taking Monterrey from a small desert town at the turn of the century to one of Latin America's most important industrial centers. Five leftist guerrillas, charged with "plotting the kidnapping," have been in Monterrey jail for 4 1/2 years without trial or sentence. 4449, 52. Armando Garza Sada is Chairman at Alfa Sab de CV. 208219. ." Eugenio Garza Sada on Instagram: "APPLY NOW! We already start the application period for the 3rd generation of Dandelions! In 1936 the family holdings, already vast, were divided into two separate industrial groups. He also said Alfa would enter retailing by opening 25 home-improvement stores over the next five years. 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. Fax: (330) 796-2222 HYLSA, the steel works, was not sold to the government; the family rift became clear as the conglomerate split into several groups. Alfa in the Early 1990s. Fabiola Garza Sada - Biography 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. Before the year was out the government had extended Alfa an emergency aid package of 12 billion pesos ($480 million). St. James Press, 1998, This page was last edited on 22 April 2023, at 14:09. Monterrey, Mexico: Comit de Archivo y Biblioteca, Congreso del Estado de Nuevo Len, 2003. 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. Even the local federal attorney's office refuse to register Salinas' denuciations. de C.V. and Grupo Proeza, S.A.P.I. (April 27, 2023). 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. In 1957 it patented HyL, a system of direct reduction known as fire sponging. How they act, what sort of judgment they have. 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. 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. This subsidiary accounted for 12 percent of Alfa's revenues in 1996. window.__mirage2 = {petok:"DJKAqA11ycACRF3YkMEoyO6pFA5Md3QrRh5b2fnyp8s-86400-0"}; Net sales rose to 14.21 billion pesos ($4.06 billion), but the company lost 2.16 billion pesos ($617 million). Family Tree . It was not only the leading private firm in Mexico but in all of Latin America. Also, he held executive positions at ALFA, Polioles and Selther. P, MacAndrews & Forbes Holdings Inc. 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. All rights reserved. Eugenio Garza Sada 1892-1973 Married 16 April 1921, Monterrey, Nuevo Len, Mxico, toConsuelo Josefina Lagera Zambrano 1901; . All of these conglomerates rank among the top fifty companies in Mexico. [2], Eventually, in 1986, Alfa paid off about five dozen foreign banks in stock. Then, copy and paste the text into your bibliography or works cited list. Before that, he was the director for . Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Polioles, S.A. de C.V. (51 percent). Sigma was planning to make frozen Mexican food for both the domestic and U.S. markets. 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. Alfa celebrated the restructuring of its debts with an elaborate outdoor mass on a Monterrey baseball field in 1988, attended by 10,000 employees. The corporate staff was slashed from 4,000 to 1,000, and later to 400. Eugenio Garza Sada - Wikipedia Garza Sada Family - ARTnews.com Web site: http://www.usg.com Armando Garza Sada is Chairman of the Board at Grupo ALFA. Menno Vellinga, Economic Development and the Dynamics of Class: Industrialization, Power and Control in Monterrey, Mexico (1979). Last updated: 1 March 2023 at 11:00am EST. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. Petrochemicals, aluminum auto parts, refrigerated foods, telecommunications. 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. 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. Garza Sada Family - Biography - MarketScreener.com The company unwisely abandoned its prudent traditional policy of only integrating firms that had similar or complementary products. However, the date of retrieval is often important. Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. And anyway, all the private things I write, everyone knows about in Monterrey - employes, wives, servants. Grupo Alfa profits would know no limit.". [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. lvaro Fernndez Garza. Pick a style below, and copy the text for your bibliography. Bernardo Garza Sada (1930 7 November 2009) was a Mexican businessman who founded the Grupo ALFA conglomerate in 1974. 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. Buoyant Domestic Sales Boost Grupo Alfa, El Financiero (English-language weekly edition), February 24-March 2, 1997, pp. 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. In 1982 the Mexican economy hit the rocks. U.S.A. It operated more than 70 distribution centers. 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). Web site: http://www.pilgrimspride.com If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. 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. 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. Web site: http://www.thyssenkrupp.com "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. 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. Grupo Alfa profits would know no limit.. Armando Garza Sada is Chairman of the Board at Grupo ALFA. 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. De C.V. is Everardo ElizondoAlmaguer, 76, who is the Independent Director. The creditors also were paid $25 million by Alfa and $200 million in Mexican government debt. 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. These children, in turn, intermarried with other prominent Monterrey families, including the Laguera and Seplveda families. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. His union with Consuelo produced numerous children, among them Eugenio Garza Sada, Isaac Garza Sada, and Roberto Garza Sada. The Life Summary of Roberto. de C.V.s Board of Directors and corporate practices and finance committee since March 26, 2015. U.S.A. Under cnsiderable pressure, a weekly magazine bowed out of serializing the book. An Insider's Telling Tales About Mexico's Richest Family He has been a member of CEMEX, S.A.B. This company was involved in the entire steelmaking process from mining iron ore to manufacturing and distributing steel products. 4 likes, 0 comments - Guaguacoa Carrizalejo (@guaguacoacarrizalejo1) on Instagram: "Nos encontramos sobre la ave Gmez Morin 2003 L-1 en la Plaza Carrizalejo . Employees :29,854 "We demand that!" She alleges, "But he always kept his wife pregnant as a fruit-bearing tree, inside her home, covered up to her nose so that no one else would desire her." ALFA (Mexico) - WikiMili, The Best Wikipedia Reader 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. Stockton, William, Banks To Get Stake in Mexicos Alfa, New York Times, December 11, 1986, p. D10. He also has participated in university and think tank boards, thus developing some knowledge of education and economic development. 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. "Garza Sada Family Much, Marilyn, Mexico: The Long Road Back, Industry Week, August 8, 1983, pp. Sigma was planning to make frozen Mexican food for both the domestic and U.S. markets. A new flat-steel minimill was opened that year. Eventually, in 1986, Alfa paid off about five dozen foreign banks in stock. Sigma was planning to make frozen Mexican food for both the domestic and U.S. markets. It soon set up its own glass . 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. Moffett, Matt, Mexico Conglomerate Cuts Costs and Learns Theres Life After Debt, Wall Street Journal, July 26, 1989, pp. By the end of the year it was predicting a $60 million loss and it finally reported an actual loss of $120 million. Cemex S.A.B. 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. Garza Sada Sada, Dionisio was born on August 8, 1928 in Monterrey, Nuevo Len, Mexico. de C.V., El Puerto de Liverpool, S.A.B. Bernardo Garza Sada, a nephew of Eugenio, became chairman of Grupo Industrial Alfa, S.A., which inherited Hylsa and many other industrial enterprises, including Empaques de Carton Titan, a packaging company founded in 1926; Nylon de Mexico (synthetic fibers), founded in 1952; and Polioles (chemicals), founded in 1962. She alleges she was surrounded by cars full of gunmen and was swamped with telephone threats. "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. Behind the Facade. Therefore, that information is unavailable for most Encyclopedia.com content. de C.V., known as Cemex, is a Mexican multinational building materials company headquartered in San Pedro, near Monterrey, Mexico. Grupo Alfa profits would know no limit. 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. Mr. Armando Garza Sada serves as an Executive Vice President of Corporate Development of Grupo Industrial Alfa, SA de CV. After receiving his first educatio, Jos Hernndez The other components are led by VITRO, VISA, controlled by the Garza Laguera family, and the CYDSA group, presided over by the Sada Zambrano family. 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 was a party to 11 joint ventures with foreign companies. Again, Don Eugenio agreed and, in so doing caused a great uproar within the family. The net worth of Bernardo Garza Sada and his family was estimated at $1.5 billion in 1996. 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." "People have to know about those that have the economic power in Mexico. 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. Another son, Isaac, took over another set of firms, and also developed his own businesses. D-40213 Dsseldorf Alestra began long distance operations in Monterrey and Queretaro at the beginning of 1997 under the AT&T name. Alfas total debt was 18.5 billion pesos ($2.7 billion). 20th-century Mexican art Icon Link Plus Icon; Icon Link Plus Icon; Los benemritos de Nuevo Len. (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 . 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 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. One observer said that Alfa "bought businesses like someone would buy candies for their children." Father of Bernardo Garza Sada; Private; Dionisio Garza Sada; Roberto Garza Sada and Margarita Garza Sada. de C.V.'s Board of Directors and corporate practices and finance committee since March 26, 2015. . Manufacturing ventures in television sets, bicycles, and tractors were sold. 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. 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. Salinas did not leave her home for three weeks. He . 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. . Augustinians, a Roman Catholic religious order of priests and brothers named after the fifth-century bishop and saint Augustine of Hippo. Roderic Ai Camp, Entrepreneurs and Politics in Twentieth Century Mexico (1989). In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. 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). 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. To enter the "Monterrey Group's" social circuit, the best way, she writes, "is to be an industrialist. 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. Bernardo Garza Sada. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income fell to 444 million pesos ($130 million). Don Roberto Garza Sada: La pasin por la excelencia. "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. Birthdate: estimated between 1862 and 1922. ." "I had to undress myself first, otherwise 'Our Group' could be discredited by people trying to expose me.". Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Polioles, S.A. de C.V. (51 percent). . 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. Oversold stocks. Death: Immediate Family: Son of Jacobo Garza Sepulveda and Maria luisa Sada Rodrguez. Sigenzas father was tutor to Prince Baltazar before going to New Spain. But they have already managed to get an airport which I own closed down, "she claims. Famous quotes containing the word family: " I swear . 1, 31. "We demand that!" 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. (Mexico's central bank) from 1998 to 2008. Brother of Jacobo Garza Sada; Private User; Private User; Private and Rogelio 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). [1][2] Alfa also produces televisions, machinery, and has assets in Mexico's tourism sector. Alfas stake was held through its subsidiary AlfaTelecom, S.A. de C.V. The performance at the highest corporate level of Mr. Garza Sada in companies in the manufacturing sectors provides CEMEX, S.A.B. Torres, Craig, Mexican Conglomerate Alfa, As It Cuts Operations, May Face Hostile Investor, Wall Street Journal, August 25, 1994, p. A8.
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