One of these, Valores Industriales S.A. (Visa), established Hojalata y Laminas S.A. (Hylsa) to make steel sheet for the bottle caps of its beverages during World War II, when the United States cut steel supplies to Mexico to meet its own needs. Mr. Garza Sada is member of the boards of ALFA, FEMSA, Gigante, Liverpool, Lamosa, CYDSA, Frisa, ITESM, MVS and The Mexican Stock Exchange. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. "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.". The company recorded the most profitable year of its history in 1988. de C.V., Mexico 14th Annual Global CEO Survey Interview Transcripts Garza Sada Family - ARTnews.com Twitter Alfa in the Early 1990s. Grupo Alfa profits would know no limit.". Brother of Bernardo Garza Sada, founder of the ALFA . 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 . 19. 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. 4449, 52. After receiving his first educatio, Jos Hernndez Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. Before that, he was the director for . Pick a style below, and copy the text for your bibliography. When Dionisio Garza Medina, a nephew of Bernardo Garza Sada, became chairman in 1994, he fired half of Alfa's middle managers and focused on restoring higher profitability to the company's three main business sectors: steel, petrochemicals, and food. 208219. Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. The company unwisely abandoned its prudent traditional policy of only integrating firms that had similar or complementary products. Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Policies, S.A. de C.V. (51 percent). Death: Immediate Family: Son of Isaac Garza Garza and Consuelo Sada Muguerza. 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. He also said Alfa would enter retailing by opening 25 home-improvement stores over the next five years. 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. Echeverria's supporters, in turn, charged the "Monterrey Group" had a guiding hand in the rapid weakening of the economy by starting the massive flight of capital - $4 left Mexico within a short period - and precipitating the peso devaluation. Augustinians, a Roman Catholic religious order of priests and brothers named after the fifth-century bishop and saint Augustine of Hippo. 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. Before the year was out the government had extended Alfa an emergency aid package of 12 billion pesos ($480 million). Keep supporting great journalism by turning off your ad blocker. The 10 richest families in Mexico - The Mazatlan Post Armando Garza Sada serves as Independent Director of the Company. Garza was born into a business family, with his father founding the Cuauhtmoc Brewery in Monterrey in 1890. Chairman of the Board of Directors of ALFA, S.A.B. There are 14 older and 21 younger executives at Cemex S.A.B. 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. In July 1982 it presented a restructuring plan that called for it to sell one-fourth of its assets over a five-year period. . All rights reserved. Oil prices would know no limit. ALFA (Mexico) - Wikipedia U.S.A. de C.V., also known as Alfa or Alfa Group, is a Mexican multinational conglomerate headquartered in Monterrey, Mexico. [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. 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. 27 Apr. This company was involved in the entire steelmaking process from mining iron ore to manufacturing and distributing steel products. Alfa celebrated the restructuring of its debts with an elaborate outdoor mass on a Monterrey baseball field in 1988, attended by 10,000 employees. 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.'". De C.V since 2018. One observer said that Alfa "bought businesses like someone would buy candies for their children." Encyclopedia.com. "My children were furious about the first book. NAIC :32562 Toilet Preparatio, 125 South Franklin Street Sigma was planning to make frozen Mexican food for both the domestic and U.S. markets. In retrospect, following Alfas near-bankruptcy in 1982, Alfas success bred arrogance. de C.V. (ALFA A) (Consumer Goods Conglomerates) 1,716,994,307: 35.6%: 1,085,964,559 USD Bernardo Garza Sada (1930 - 7 November 2009) was a Mexican businessman who founded the Grupo ALFA conglomerate in 1974. Then, copy and paste the text into your bibliography or works cited list. Sigma was planning to make frozen Mexican food for both the domestic and U.S. markets. "We manage these ventures, always," Garza Sada told Forbes in 1979. It also participates in the extraction of oil and natural gas, and offers IT & telecom services. 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. Under a complex arrangement, the creditor banks forgave $920 million in Alfa's debt in return for 45 percent of its stock. Medina, Enriqueta, and Federico Arreola. This subsidiary accounted for 12 percent of Alfa's revenues in 1996. He served as the President of Alestra, S. de R.L. [2], 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. "It's something I had to do," says Salinas. lvaro Fernndez Garza - Biography - MarketScreener.com Alfas total debt was 18.5 billion pesos ($2.7 billion). 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. Alfa was a party to 11 joint ventures with foreign companies. Hylsa became the largest privately run steel mill in Mexico, a fully integrated complex with activities ranging from mining and processing iron ore to finished products. . "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. ." Eugenio Garza Sada on Instagram: "APPLY NOW! We already start the application period for the 3rd generation of Dandelions! Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Polioles, S.A. de C.V. (51 percent). By 1980 it had 157 subsidiaries in 39 branches of the economy. (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 . 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. By 1980 it had 157 subsidiaries in 39 branches of the economy. Nadie supo nada: La verdadera historia del asesinato de Eugenio Garza Sada. The original head of probably the single most influential and extensive capitalist family in Mexico was Isaac Garza Garza, the son of Juan de la Garza Martnez, mayor of Monterrey, and Manuela Garza, Jewish immigrants from Spain who had settled in the region of Monterrey, Nuevo Len. "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. 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. 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. The Turning Point. Encyclopedia of Latin American History and Culture. The Garza Sadas continue to be a dominant force among Mexican capitalists, as shareholders and board members of leading industrial firms, as members of entrepreneurial interest groups, as leaders of business organizations, and as managers of major industrial holding groups. If she knew there would be so much trouble, why did she write the book? Encyclopedia.com. In Vino Veritas. Before the year was out the government had extended Alfa an emergency aid package of 12 billion pesos ($480 million). "Mexican Businessman Bernardo Garza Sada Dies", "Mexican magnate Bernardo Garza Sada dies at 79", "Muere el empresario Bernardo Garza Sada", https://en.wikipedia.org/w/index.php?title=Bernardo_Garza_Sada&oldid=1147935076, Massachusetts Institute of Technology alumni, Articles with dead external links from April 2023, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 April 2023, at 03:52. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . 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. 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. Alfa S.A.B. Encyclopedia of Latin American History and Culture. One observer said they always picked the kid with the Harvard MBA over the guy who really knew the business. Debtwire's shareholder profile of the Garza Sada family - (Alfa, Femsa In 1957 it patented HyL, a system of direct reduction known as fire sponging. Global Development Council | Harvard Kennedy School "We manage these ventures, always", Garza Sada told Forbes in 1979. It operated more than 70 distribution centers. 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 . The Monterrey Group empire derived from the founding in Monterrey of Cerveceria Cuauhtemoc, a brewery, in 1890 by Jose Calderon Penilla, Isaac Garza Garza, and two others. But I want a lot of ordinary people to read this book. Manufacturing ventures in television sets, bicycles, and tractors were sold. Monterrey, Mxico: Gobierno del Estado de Nuevo Len, 1994. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. Dionisio Garza Sada Sada (born August 8, 1928), Mexican part of the 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. CEMEX, S.A.B. DE C.V. : Shareholders Board Members Managers and Company Armando Garza Sada, Alfa Sab de CV: Profile and Biography 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. [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]. When Roberto Garza Sada was born on 9 December 1895, in Monterrey, Nuevo Len, Mexico, his father, Isaac Garza de la Garza, was 42 and his mother, Consuelo Sada Muguerza, was 27. Language links are at the top of the page across from the title. Alfa also was required to divest itself of an undisclosed number of companies that were not part of its core business. The Life Summary of Roberto. 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.