Alfa celebrated the restructuring of its debts with an elaborate outdoor mass on a Monterrey baseball field in 1988, attended by 10,000 employees. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. The creditors also were paid $25 million by Alfa and $200 million in Mexican government debt. [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. The 10 richest families in Mexico - The Mazatlan Post Eugenio Garza Lagera is 72 years old. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. 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. de C.V., BBVA Bancomer, Nemak S.A.B. "We manage these ventures, always," Garza Sada told Forbes in 1979. Alfa in the Early 1990s. Its distribution network included 50 refrigerated warehouses and a fleet of more than 800 refrigerated vehicles, including 570 delivery trucks. . 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. 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). 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). "They also said that Martha Mitchell was mad. ." A foreign bank representative recalled, "They were on the same kind of roll that the Mexican government was on then. 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. Whatever the truth about the Garza Sada killing, it was a turning point in the Echeverria regime. "It's something I had to do," says Salinas. It manufactures and distributes cement, ready-mix concrete and aggregates in more than 50 countries. (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 . 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. Armando Garza Sada. By 1980 it had 157 subsidiaries in 39 branches of the economy. 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. 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. Under cnsiderable pressure, a weekly magazine bowed out of serializing the book. 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. Located between Mexico and Jalisco, it has a population of 3,966,073 (2005) and its capital is Morelia. So I wrote every night from 9 till 6 the next morning. My own children were cheated out of their inheritance. "Alfa, S.A. de C.V" International Directory of Company Histories, Vol. Ninfa Salinas Sada, Benjamn Salinas Sada, and Hugo Salinas Sada are his eldest children. "My children were furious about the first book. de C.V. The most famous of these groups, the ALFA industrial group, the . Garza Sada Family: 35.63: Government Pension Fund - Global . It is this Armando Garza Sada Chairman of the Board of Directors, Alfa, S.A.B. Echeverria is now accused of fostering letfism and chaos. 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. Torres, Craig, Mexican Conglomerate Alfa, As It Cuts Operations, May Face Hostile Investor, Wall Street Journal, August 25, 1994, p. A8. The Garza Sada family has created a state within a state. de C.V., known as Cemex, is a Mexican multinational building materials company headquartered in San Pedro, near Monterrey, Mexico. 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. [2], The collapse of the peso in late 1994 took a heavy toll on Alfa, as on other Mexican enterprises. "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 is a constituent of the IPC, the main benchmark index of the Mexican Stock Exchange, and of the S&P Latin America 40, which includes leading, blue chip companies from Latin America. [2] Alfa in the Early 1990s. Rosario Garza Sada, Roberto Garza Sada, Eugenio Garza Sada, Consuelo Garza Sada, . International Directory of Company Histories. Brother of Jacobo Garza Sada; Private User; Private User; Private and Rogelio Garza Sada. Fax: (312) 606-4093 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.'". Telephone: (903) 855-1000 Pratt, Lawrence, Alfa of Mexico Stops Paying Debt Principal, Wall Street Journal, April 28, 1982, pp. "We demand that!" ." Roberto Garza Sada (1895 - 1979) - Genealogy 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. He has been a member of CEMEX, S.A.B. "[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. Alpek was Alfa's biggest subsidiary, accounting for 44.5 percent of the parent company's revenues in 1996. In 1936 the family holdings, already vast, were divided into two separate industrial groups. Learn more here: [sub. [1], Garza Sada also championed the modernization of Monterrey Institute of Technology, one of Mexico's most important private universities. Alfa, S.A. de C.V. -- Company History Petrochemicals, aluminum auto parts, refrigerated foods, telecommunications. Garza Sada Family Monterrey, 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. 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 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income fell to 444 million pesos ($130 million). Behind the Facade. Manufacturing ventures in television sets, bicycles, and tractors were sold. . The company recorded the most profitable year of its history in 1988. Husband of Private. 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 Hylsa's common stock. Another important subsidiary was Dinamica, S.A., which acted as the service group for the holding company. A new flat-steel minimill was opened that year. To enter the "Monterrey Group's" social circuit, the best way, she writes, "is to be an industrialist. The net worth of Bernardo Garza Sada and his family was estimated at $1.5 billion in 1996. One observer said that Alfa "bought businesses like someone would buy candies for their children." req.] 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. Eugenio Garza Sada : Family tree by Seminario de Genealoga Mexicana This company was involved in the entire steelmaking process from mining iron ore to manufacturing and distributing steel products. What is garza sada family? | Technology Trends Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. 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. These children, in turn, intermarried with other prominent Monterrey families, including the Laguera and Seplveda families. [2], 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. After receiving his first educatio, Jos Hernndez 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. https://www.encyclopedia.com/books/politics-and-business-magazines/alfa-sa-de-cv, "Alfa, S.A. de C.V. De C.V. de C.V., Axtel, S.A.B. Armando Sada is 62, he's been the Independent Director of Cemex S.A.B. Expecting problems, Salinas says she decided to write the book secretly. They know of course as long as I have money. Retrieved April 27, 2023 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/alfa-sa-de-cv. Hylsa (now Hylsamex) and Sigma Alimentos, the food subsidiary, received their own separate stock listings to reduce their dependence on the parent company. It is the largest of the four holding companies that constitute the Monterrey Group, which encompasses the holdings of the extended Garza Sada family, Mexicos wealthiest. The Alfa man had to look good on paper."[2]. International Directory of Company Histories. Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. Don Roberto Garza Sada: La pasin por la excelencia. 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. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. 4845 U.S. Highway 271 North Twitter Relatives claim that they have been "tortured and forced to confess.". de C.V. (BMV: ALFAA) ("ALFA") held its Annual General Shareholders' meeting today. 2023
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