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. The net worth of Bernardo Garza Sada and his family was estimated at $1.5 billion in 1996. They were the parents of at least 4 sons and 1 . of C.V. Born in Monterrey, Mexico, 1957. . Fabiola Garza Sada - Biography Except that school has been there for 10 years. Most online reference entries and articles do not have page numbers. Immediate Family: Son of Isaac Garza Garza and Consuelo Sada Muguerza. In 1957 it patented HyL, a system of direct reduction known as fire sponging. International Directory of Company Histories. De C.V. He has been chairman of CAINTRA (Nuevo Leon State Manufacturing Industry Chamber) and the . 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. Sigma was planning to make frozen Mexican food for both the domestic and U.S. markets. 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. Public Compa, August-Thyssen-Strasse 1 de C.V., Axtel, S.A.B. 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 company unwisely abandoned its prudent traditional policy of only integrating firms that had similar or complementary products. Oil prices would know no limit. ", No member of the Garza Sada family has made statements to the press. Five leftist guerrillas, charged with "plotting the kidnapping," have been in Monterrey jail for 4 1/2 years without trial or sentence. "I had to undress myself first, otherwise 'Our Group' could be discredited by people trying to expose me.". Alfa was a party to 11 joint ventures with foreign companies. Trefilia has a portfolio of both direct investments and investments in VC and P/E funds. Operating income was a record $425 million and special gains related to the debt restructuring and the pesos stabilization against the dollar added $575 million more. Bernardo Garza Sada (1930 - 7 November 2009) was a Mexican businessman who founded the Grupo ALFA conglomerate in 1974. Learn more here: [sub. Last updated: 1 March 2023 at 11:00am EST. CEMEX, S.A.B. DE C.V. : Shareholders Board Members Managers and Company We see them around but we don't know what goes on behind the scenes. The company unwisely abandoned its prudent traditional policy of only integrating firms that had similar or complementary products. Mr. Armando Garza Sada serves as an Executive Vice President of Corporate Development of Grupo Industrial Alfa, SA de CV. Armando Garza Sada serves as Independent Director of the Company. ", Salinas says nothing can hold her back. A1, A8. In 1936 the family holdings, already vast, were divided into two separate industrial groups. Privately, a family member told a reporter that Salinas had caused them "terrible headaches and had to be stopped even by force. U.S.A. All of these conglomerates rank among the top fifty companies in Mexico. Telephone: +49 (0) 211 820-0 After studying merchandizing in Santander, Spain, he went into the grocery business with Jos Caldern, who married his aunt. 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. She alleges she was surrounded by cars full of gunmen and was swamped with telephone threats. req.] Medina, Enriqueta, and Federico Arreola. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. Manufacturing ventures in television sets, bicycles, and tractors were sold. A new flat-steel minimill was opened that year. Encyclopedias almanacs transcripts and maps, Encyclopedia of Latin American History and Culture. Another son, Isaac, took over another set of firms, and also developed his own businesses. It was not only the leading private firm in Mexico but in all of Latin America. This company was involved in the entire steelmaking process from mining iron ore to manufacturing and distributing steel products. Alfa's total debt was 18.5 billion pesos ($2.7 billion). Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. 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. ALFA (Mexico) - Wikipedia Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. [1], Bernardo Garza Sada died at his home in Monterrey, Nuevo Len, Mexico, on November 7, 2009, at the age of 79. Web site: http://www.mannesmann.com Camp, Roderic, Entrepreneurs and Politics in Twentieth-CenturyMexico, New York: Oxford University Press, 1989, pp. 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 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. 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. 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. She is going mad, and the worst part is that she has money so it is difficult to stop her. The Life Summary of Roberto. ", Under Bernardo Garza Sada's leadership Alfa diversified from its base into petrochemicals, synthetic fibers, capital machinery, farm equipment, television sets, and tourism. Sigma was planning to make frozen Mexican food for both the domestic and U.S. markets. In retrospect, following Alfa's near-bankruptcy in 1982, Alfa's success bred arrogance. 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). Chairman of the Board of Directors of ALFA, S.A.B. It also participates in the extraction of oil and natural gas, and offers IT & telecom services. That's why they need to be unmasked." Telephone: ( +49 211) 824-0 of which nine would be named jointly by the foreign banks and the Garza Sada family. Private Company Fabiola Garza Sada is on the board of Nemak SAB de CV, Alfa Fundacin and Controladora Nemak SAB de CV. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Policies, S.A. de C.V. (51 percent). Language links are at the top of the page across from the title. "People have to know about those that have the economic power in Mexico. 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. Don't miss out this opportunity and join . Chicago, Illinois 60606-4678 One observer said they always picked the kid with the Harvard MBA over the guy who really knew the business. Bernardo Garza Sada. Twitter Buoyant Domestic Sales Boost Grupo Alfa, El Financiero (English-language weekly edition), February 24-March 2, 1997, pp. [2] Alfa in the Early 1990s. Once Echeverria became president, she goes on, he began to press Don Eugenio to sell HYSA, the "group's "most powerful industry, producing 1.3 million tons of steel per year. The Chosen Instruments, Forbes, October 29, 1979, pp. 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. "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. de C.V.'s Board of Directors and corporate practices and finance committee since March 26, 2015. . Garza Sada Family The Alfa man had to look good on paper."[2]. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . 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. Before the year was out the government had extended Alfa an emergency aid package of 12 billion pesos ($480 million). A frozen food plant and a cheese manufacturing facility were under construction. The corporate staff was slashed from 4,000 to 1,000, and later to 400. 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. There is no falling out, one source explained to the New York Times. Father of Private User; Private and Private. Grupo Alfa profits would know no limit. 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. This subsidiary accounted for 12 percent of Alfa's revenues in 1996. Guaguacoa Carrizalejo on Instagram: "Nos encontramos sobre la ave Much, Marilyn, Mexico: The Long Road Back, Industry Week, August 8, 1983, pp. This company was involved in the entire steelmaking process from mining iron ore to manufacturing and distributing steel products. Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. 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. Armando Garza Sada is Chairman at Alfa Sab de CV. Technical Rankings. 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. 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. These children, in turn, intermarried with other prominent Monterrey families, including the Laguera and Seplveda families. The performance at the highest corporate level of Mr. Garza Sada in companies in the manufacturing sectors provides CEMEX, S.A.B. "Garza Sada Family "Our Group" gives a rare view behind the respectable facade of Mexican society where some characters with private chapels in their homes also, the author alleges, lead hedonist lives, have long affairs and illegitimate children. [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]. Akron, Ohio 44316-0001 The collapse of the peso in late 1994 took a heavy toll on Alfa, as on other Mexican enterprises. Copyright 2023 Surperformance. He . An Insider's Telling Tales About Mexico's Richest Family Alfa's total debt was 18.5 billion pesos ($2.7 billion). "It took 3 1/2 months. 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 did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. 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. In 1936 the family holdings, already vast, were divided into two separate industrial groups. Garza was born into a business family, with his father founding the Cuauhtmoc Brewery in Monterrey in 1890. The net worth of Bernardo Garza Sada and his family was estimated at $1.5 billion in 1996. Oil prices would know no limit. Husband of Margarita G Sada Garcia. 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. [1] He was survived by his wife and three children. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. . Monterrey, Mxico: Gobierno del Estado de Nuevo Len, 1994. In retrospect, following Alfa's near-bankruptcy in 1982, Alfa's success bred arrogance. It is a diversified group of businesses, mainly industrial, that produces petrochemicals, aluminum auto components, and refrigerated foods. Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. Fax: +49 (0) 211 820-1846 "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. This subsidiary accounted for 12 percent of Alfas revenues in 1996. Fernndez Menndez, Jorge. Privacy Policy. He was President of Versax and of Sigma. Monterrey Group: A Family of Wealth and Symbol of Economic Independence (Mexico's central bank) from 1998 to 2008. 4845 U.S. Highway 271 North In July 1982 it presented a restructuring plan that called for it to sell one-fourth of its assets over a five-year period. Juan Carlos Caldern Rojass - Biografa 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. And she claims further - "There are innocent people in jail blamed for Don Eugenio's assassination. Isaac Garza Garza - Wikipedia 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. Expecting problems, Salinas says she decided to write the book secretly. [1][2] Alfa also produces televisions, machinery, and has assets in Mexico's tourism sector. Behind the Facade. ." Alestra began long-distance operations in Monterrey and Quertaro at the beginning of 1997 under the AT&T name. Before the year was out the government had extended Alfa an emergency aid package of 12 billion pesos ($480 million). They know of course as long as I have money. Another important subsidiary was Dinamica, S.A., which acted as the service group for the holding company. But I want a lot of ordinary people to read this book. Armando Garza Sada is Chairman of the Board at Grupo ALFA. It also took a quarter share in Grupo Televisa, which virtually monopolized Mexican television broadcasting. Finally, we can read about how these great companies came about with Company Histories.. Pratt, Lawrence, Alfa of Mexico Stops Paying Debt Principal, Wall Street Journal, April 28, 1982, pp. Alfa is listed on the Mexican Stock Exchange and the Latibex, the Latin American market in the Madrid Stock Exchange. If she knew there would be so much trouble, why did she write the book? [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]. 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. . Roberto Garza Sada (1895 - 1979) - Genealogy 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., Under Bernardo Garza Sadas leadership Alfa diversified from its base into petrochemicals, synthetic fibers, capital machinery, farm equipment, television sets, and tourism. CEMEX S.A.B. Although she is a millionaire in her own right (having inherited her father's department store chain) she was deeply shocked to find out what life was like with "the untouchable Monterrey Royalty," who have politicians at their call. He served as the President of Alestra, S. de R.L. 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. After receiving his first educatio, Jos Hernndez By the end of the year it was predicting a $60 million loss and it finally reported an actual loss of $120 million. "Alfa, S.A. de C.V. He is also Chairman for the University of Monterrey . Then, copy and paste the text into your bibliography or works cited list. But as successive Mexican administrations cried for rapid industrialization and the "group" with government support, expanded it became the nation's most powerful political lobby, speaking for the moneyed classes of Mexico. He also said Alfa would enter retailing by opening 25 home-improvement stores over the next five years. Franco Senz, Hctor. The 10 richest families in Mexico - The Mazatlan Post Monterrey, Mexico: Comit de Archivo y Biblioteca, Congreso del Estado de Nuevo Len, 2003. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income fell to 444 million pesos ($130 million). Armando Garza Sada. 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. 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 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. 19. 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. Currently, he is a member of the Board of Directors of Alpek, S.A.B. The collapse of the peso in late 1994 took a heavy toll on Alfa, as on other Mexican enterprises. Then, copy and paste the text into your bibliography or works cited list. : Grijalbo/Actualidad, 2006. 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. 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). Then police raided the author's home, seized her private copies and charged the book was "vulgar" and "libelous.". Refer to each styles convention regarding the best way to format page numbers and retrieval dates. de C.V.s Board of Directors and corporate practices and finance committee since March 26, 2015. https://www.encyclopedia.com/humanities/encyclopedias-almanacs-transcripts-and-maps/garza-sada-family, "Garza Sada Family As an era of high prices for Mexicos 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 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income fell to 444 million pesos ($130 million). Manufacturing ventures in television sets, bicycles, and tractors were sold. 2023 . 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. 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. . (April 27, 2023). [1] St. James Press, 1998, This page was last edited on 22 April 2023, at 14:09. 3738. It is this Armando Garza Sada Chairman of the Board of Directors, Alfa, S.A.B. [2] Additionally, Garza Sada was a member of the company's board of directors for two decades. [2], Alfa also was required to divest itself of an undisclosed number of companies that were not part of its core business. 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. Pick a style below, and copy the text for your bibliography. Garza Sada Family - ARTnews.com Generali's No.3 investor Caltagirone withholds backing for 2022 accounts -sources, Musk says Tesla likely to launch full self-drive technology 'this year', Exclusive: JPMorgan employees gripe about Dimon's return-to-office edict, SpaceX rocket explosion illustrates Elon Musk's 'successful failure' formula, Cucinelli posts 33% rise in Q1 sales, confirms 2023 revenue growth forecast, Exclusive-Peter Thiel, Republican megadonor, won't fund candidates in 2024 - sources, Virginia Governor Youngkin 'humbled' by talk of possible presidential run, European Midday Briefing: Mood Brighter After -2-, Tim Cook unveils new Apple store in India, Morgan Stanley's dealmaking CEO Gorman signals more transactions to come. And anyway, all the private things I write, everyone knows about in Monterrey - employes, wives, servants. 27 Apr. He also has participated in university and think tank boards, thus developing some knowledge of education and economic development. So I wrote every night from 9 till 6 the next morning. At Alfa, we serve our markets "from the bottom up"; that is, we try to discover or anticipate, as precisely as possible, what the needs of our customers are, so as to provide the best solution. ALFA (Mexico) - WikiMili, The Best Wikipedia Reader . Even the local federal attorney's office refuse to register Salinas' denuciations. Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Polioles, S.A. de C.V. (51 percent). 208219. In Vino Veritas. From media and technology to finance and real estate, leagues and teams across the globe have matured into far more than just back page entertainment. 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. Don Roberto Garza Sada: La pasin por la excelencia. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. Mexico, D.F. ", Salinas suspects that her relatives will want to ruin her economically, although "that will take them a while. International Directory of Company Histories. Eugenio Garza Sada 1892-1973 Married 16 April 1921, Monterrey, Nuevo Len, Mxico, toConsuelo Josefina Lagera Zambrano 1901; [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. 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. Also, he held executive positions at ALFA, Polioles and Selther. By 1980 it had 157 subsidiaries in 39 branches of the economy. ." 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. 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. 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. 19. Debtwire's shareholder profile of the Garza Sada family - (Alfa, Femsa, Vitro, Cydsa) - looks at it ties to other Mexican business clans including Salinas (Elektra, TV Azteca), Zambrano (Cemex) and Servitje (Bimbo). 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. Presently, Juan Carlos Caldern Rojass is Deputy Director-Treasury Sales at Banco Nacional de Mxico SA. Alfa has operations in Mexico, the United States and other 21 countries across the Americas, Europe and Asia. Copyright (c) 2022 Company-Histories.com. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income fell to 444 million pesos ($130 million). 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). "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. Birthdate: estimated between 1862 and 1922. 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. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. Telephone: (312) 606-4000 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. Mr. Garza Sada holds a Bachelors degree from the Massachusetts Institute of Technology and an M.B.A. from Stanford University. The unexpected author is a mother of eight and grandmother of 17. de C.V., El Puerto de Liverpool, S.A.B. 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. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. ALFA holds Annual General Shareholders' Meeting - PR Newswire The oldest executive at Cemex S.A.B. 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. Armando Garza Sada. By 1980 it had 157 subsidiaries in 39 branches of the economy.