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 net worth of Bernardo Garza Sada and his family was estimated at $1.5 billion in 1996. Alfa's total debt was 18.5 billion pesos ($2.7 billion). PDF Prospects in emerging markets drive CEO confidence - PwC Armando Garza Sada is Chairman of the Board at Grupo ALFA. Husband of Mara Aurora Sepulveda. 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. 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. Fax: (312) 606-4093 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. Everyone plays at convincing themselves that no one knows what everyone knows." Eugenio Garza Sada on Instagram: "APPLY NOW! We already start the The Larrea family is the second richest family in Mexico according to Forbes magazine. But they have already managed to get an airport which I own closed down, "she claims. "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. ALFFF: Get the latest Alfa SAB de C stock price and detailed information including ALFFF news, historical charts and realtime prices. "[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. Isidro Vizcaya Canales, Los orgenes de la industrializacin de Monterrey (1971). https://www.encyclopedia.com/humanities/encyclopedias-almanacs-transcripts-and-maps/garza-sada-family, "Garza Sada Family [2] Additionally, Garza Sada was a member of the company's board of directors for two decades. (Mexico's central bank) from 1998 to 2008. Alpex was Alfa's biggest subsidiary, accounting for 44.5 percent of the parent company's revenues in 1996. There are no family members in important executive positions", Business Latin America wrote, "and this . Encyclopedia.com. The creditors also were paid $25 million by Alfa and $200 million in Mexican government debt. A frozen food plant and a cheese manufacturing facility were under construction. Alfa in the Early 1990s. It was not only the leading private firm in Mexico but in all of Latin America. 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. Alfa is listed on the Mexican Stock Exchange and the Latibex, the Latin American market in the Madrid Stock Exchange. Behind the Facade. . Oil prices would know no limit. 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. [1], Garza Sada also championed the modernization of Monterrey Institute of Technology, one of Mexico's most important private universities. Dsseldorf, 40211 It was also engaged in the manufacture of raw materials used in the production of polyester fibers and polymer products and in the manufacture of specialty chemical products. An Insider's Telling Tales About Mexico's Richest Family 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. Net sales rose to 14.21 billion pesos ($4.06 billion), but the company lost 2.16 billion pesos ($617 million). I will soon write another book showing the moral decay of our ruling class.". 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. 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. Hylsa (now Hylsamex) and Sigma Alimentos, the food subsidiary, received their own separate stock listings to reduce their dependence on the parent company. She is going mad, and the worst part is that she has money so it is difficult to stop her. de C.V., BBVA Bancomer, Nemak S.A.B. 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. The Chosen Instruments, Forbes, October 29, 1979, pp. 19. Yet if it were proved that the respected dean of Mexican business was killed by the right, this would throw a very different light on the turmoil of Echeverria's last years in office. 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. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. It is a diversified group of businesses, mainly industrial, that produces petrochemicals, aluminum auto components, and refrigerated foods. : Grijalbo/Actualidad, 2006. His union with Consuelo produced numerous children, among them Eugenio Garza Sada, Isaac Garza Sada, and Roberto Garza Sada. 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. de C.V., a public company with a business portfolio that . In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . Isaac Garza Sada (deceased) - Genealogy 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. Mr. Garza Sada is the Chairman of the Board of Directors of Alfa, S.A.B. "If you look at the profile of our strategy", Garza Medina told a The Wall Street Journal reporter, "we are going from a commodity company into more value-added products", with higher profit margins. Then, copy and paste the text into your bibliography or works cited list. [2], Alfa's subsidiary Alpek, 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. If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. It also participates in the extraction of oil and natural gas, and offers IT & telecom services. Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Polioles, S.A. de C.V. (51 percent). St. James Press, 1998. 1144 East Market Street Mexico, D.F. Alfa, S.A. de C.V. is a holding company for subsidiaries engaged in telecommunications services and in producing, marketing, and distributing petrochemicals, synthetic fibers, steel and steel products, refrigerated foods, auto parts, carpets and rugs, mattresses, and building supplies. He has been a member of CEMEX, S.A.B. "[2], Under Bernardo Garza Sada's leadership Alfa diversified from its base into petrochemicals, synthetic fibers, capital machinery, farm equipment, television sets, and tourism. Another important subsidiary was Dinamica, S.A., which acted as the service group for the holding company. Privacy Policy. 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. Alex Saragoza, The Monterrey Elite and the Mexican State, 18801940 (1988). [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. Public, The Goodyear Tire & Rubber Company Armando Garza Sada, Alfa Sab de CV: Profile and Biography "It was all part of a plan," she says. This subsidiary accounted for 12 percent of Alfas revenues in 1996. It also took a quarter share in Grupo Televisa, which virtually monopolized Mexican television broadcasting. Fax: +49 (0) 211 820-1846 With other partners, he established a number of major firms at the turn of the century, including Cervecera Cuauhtmoc (1890), whose partners, often related by marriage, included Jos A. Muguerza and Francisco Sada, and the Fundidora de Fierro y Acero, with Vicente Ferrara. Surviving copies of "Our Group" inevitably have becomes hot property: Some have shown up on the black market fetching as much as $130 apiece, spotty photostats have circulated like secret documents. 'I Can Fight', Her conscience, she says, does not bother her. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . [2], Alfa also was required to divest itself of an undisclosed number of companies that were not part of its core business. 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. 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. Garza Sada is currently the Chairman of the Board of Directors of ALFA, S.A.B. Alfa celebrated the restructuring of its debts with an elaborate outdoor mass on a Monterrey baseball field in 1988, attended by 10,000 employees. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens.