Chairman of the Board of Directors of ALFA, S.A.B. Encyclopedia.com. de C.V. 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. [2] Additionally, Garza Sada was a member of the company's board of directors for two decades. Garza Sada Family, major Mexican entrepreneurial family. 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. Gold and Silver. 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. Alfa S.A.B. Net sales rose to 14.21 billion pesos ($4.06 billion), but the company lost 2.16 billion pesos ($617 million). of which nine would be named jointly by the foreign banks and the Garza Sada family. Encyclopedia.com. Manufacturing ventures in television sets, bicycles, and tractors were sold. All of these conglomerates rank among the top fifty companies in Mexico. 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. 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. He married Margarita Sada Garca on 11 February 1921, in Monterrey, Nuevo Len, Mexico. de C.V., a public company with a business portfolio that includes refrigerated food, petrochemicals, aluminum auto parts, IT and communications, and hydrocarbons, with operations in 28 countries. Eugenio Garza Lagera is 72 years old. 1144 East Market Street . Under cnsiderable pressure, a weekly magazine bowed out of serializing the book. Oil prices would know no limit. Garza Sada Family: 35.63: Government Pension Fund - Global . In retrospect, following Alfas near-bankruptcy in 1982, Alfas success bred arrogance. Telephone: (903) 855-1000 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. By the end of the year it was predicting a $60 million loss and it finally reported an actual loss of $120 million. ." "We manage these ventures, always", Garza Sada told Forbes in 1979. ", No member of the Garza Sada family has made statements to the press. "There is no falling out", one source explained to The New York Times. Then, copy and paste the text into your bibliography or works cited list. Torres, Craig, Mexican Conglomerate Alfa, As It Cuts Operations, May Face Hostile Investor, Wall Street Journal, August 25, 1994, p. A8. International Directory of Company Histories. If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. A foreign bank representative recalled, "They were on the same kind of roll that the Mexican government was on then. 157 likes, 0 comments - Eugenio Garza Sada (@egsglobal) on Instagram: "APPLY NOW! Or purchase a subscription for unlimited access to real news you can count on. 2023 . Pratt, Lawrence, Alfa of Mexico Stops Paying Debt Principal, Wall Street Journal, April 28, 1982, pp. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. In all, Alfa was operating ten petrochemical and synthetic fiber plants in 1995, seven steel plants and a service center, six refrigerated-food plants, two carpet and rug plants, two mattress plants, an aluminum cylinder-head plant, and two building supplies retail stores. Mr. Garza Sada is the Chairman of the Board of Directors of Alfa, S.A.B. Trefilia has a portfolio of both direct investments and investments in VC and P/E funds. Located between Mexico and Jalisco, it has a population of 3,966,073 (2005) and its capital is Morelia. Armando Garza Sada is Chairman of the Board at Grupo ALFA. This subsidiary accounted for 12 percent of Alfas revenues in 1996. However, the date of retrieval is often important. 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. 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. St. James Press, 1998. Armando Garza Sada is Chairman of the Board at Grupo ALFA. Language links are at the top of the page across from the title. How they act, what sort of judgment they have. 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. 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. 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. De C.V. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income fell to 444 million pesos ($130 million). 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. de C.V., El Puerto de Liverpool, S.A.B. St. James Press, 1998, This page was last edited on 22 April 2023, at 14:09. There is no falling out, one source explained to the New York Times. And she claims further - "There are innocent people in jail blamed for Don Eugenio's assassination. [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. 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. Then police raided the author's home, seized her private copies and charged the book was "vulgar" and "libelous.". (April 27, 2023). Buoyant Domestic Sales Boost Grupo Alfa, El Financiero (English-language weekly edition), February 24-March 2, 1997, pp. Sales :$6.07 billion (1997 est.) CEMEX 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. 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. 4 likes, 0 comments - Guaguacoa Carrizalejo (@guaguacoacarrizalejo1) on Instagram: "Nos encontramos sobre la ave Gmez Morin 2003 L-1 en la Plaza Carrizalejo . 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. 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 business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. The Garza Sada family has created a state within a state. 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). One of these, Valores Industriales S.A. (Visa), established Hojalata y Laminas S.A. (Hylsa) to make steel sheet for the bottletops of its beverages during World War II, when the United States cut steel supplies to Mexico to meet its own needs. "Alfa, S.A. de C.V" International Directory of Company Histories, Vol. Riding, Alan, Monterrey Group: A Family of Wealth and Symbol of Economic Independence, New York Times, October 21, 1974, p. 53. 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. 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). Husband of Margarita G Sada Garcia. Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. Source: International Directory of Company Histories, Vol. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. 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. 19. A1, A8. 27 Apr. Fernndez Menndez, Jorge. Public Compa, August-Thyssen-Strasse 1 If she knew there would be so much trouble, why did she write the book? The most famous of these groups, the ALFA industrial group, the largest in Latin America in the early 1980s, was founded by Bernardo Garza Sada, grandson of Isaac and son of Roberto. Alestra began long distance operations in Monterrey and Queretaro at the beginning of 1997 under the AT&T name. Germany de C.V. and Grupo Proeza, S.A.P.I. Expecting problems, Salinas says she decided to write the book secretly. 2019Encyclopedia.com | All rights reserved. "We demand that!" 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. In 1995 Alfa returned to profitability, with net income of 2.09 billion pesos ($307 million) on net sales of 21.52 billion pesos ($3.16 billion). The performance at the highest corporate level of Mr. Garza Sada in companies in the manufacturing sectors provides CEMEX, S.A.B. de C.V., all of which are public companies, as well as Instituto Tecnolgico y de Estudios Superiores de Monterrey. Sigma was planning to make frozen Mexican food for both the domestic and U.S. markets. Isidro Vizcaya Canales, Los orgenes de la industrializacin de Monterrey (1971). It was not only the leading private firm in Mexico but in all of Latin America. [1] Eventually, in 1986, Alfa paid off about five dozen foreign banks in stock. It is a diversified group of businesses, mainly industrial, that produces petrochemicals, aluminum auto components, and refrigerated foods. Before the year was out the government had extended Alfa an emergency aid package of 12 billion pesos ($480 million). Mr. Armando Garza Sada serves as an Executive Vice President of Corporate Development of Grupo Industrial Alfa, SA de CV. It operated more than 70 distribution centers. 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 collapse of the peso in late 1994 took a heavy toll on Alfa, as on other Mexican enterprises. Cite this article Pick a style below, and copy the text for your bibliography. The company recorded the most profitable year of its history in 1988. Alfa was a party to 11 joint ventures with foreign companies. 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. There are no family members in important executive positions", Business Latin America wrote, "and this . As of 2014, its portfolio comprised five businesses: Alpek, the petrochemical company; Nemak, the aluminum auto components company; Sigma Alimentos, the refrigerated foods company; Alestra, the IT & telecom company; and Newpek, the oil and natural gas extraction company. Her secretary and researchers would continue the work in the daytime. 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. Oversold stocks. Eugenio Garza Sada 1892-1973 Married 16 April 1921, Monterrey, Nuevo Len, Mxico, toConsuelo Josefina Lagera Zambrano 1901; 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." 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. . In July 1982 it presented a restructuring plan that called for it to sell one-fourth of its assets over a five-year period.
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