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. 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. Don Eugenio, Salinas writes, understood and agreed to inform the other industrial captains. Roderic Ai Camp, Entrepreneurs and Politics in Twentieth Century Mexico (1989). "There is no falling out", one source explained to The New York Times. . I'm still exhausted from it.". Please help update this article to reflect recent events or newly available information. 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. In 1982 the Mexican economy hit the rocks. 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. . Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. Born in 1957, he joined ALFA in 1978. The police action has caused and out-cry in the press, which argues that while the book may not be respectable, its illegal confiscation only underlunes the author's premise: the power of the Garza Sada family. Garza Sada Family: 35.63: Government Pension Fund - Global . 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. Hippocrates (c. 460-c. 370 B.C.) Under a complex arrangement, the creditor banks forgave $920 million in Alfa's debt in return for 45 percent of its stock. ." ." Garza Sada Family Monterrey, Mexico. He is also Chairman for the University of Monterrey . 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. Copyright 2023 Surperformance. When Dionisio Garza Medina, a nephew of Bernardo Garza Sada, became chairman in 1994, he fired half of Alfas middle managers and focused on restoring higher profitability to the companys three main business sectors: steel, petrochemicals, and food. The Monterrey Group empire derived from the founding in Monterrey of Cerveceria Cuauhtemoc, a brewery, in 1890 by Isaac Garza Garza, his brother-in-law, Francisco Sada Muguerza, and two others. 157 likes, 0 comments - Eugenio Garza Sada (@egsglobal) on Instagram: "APPLY NOW! By the end of the year it was predicting a $60 million loss and it finally reported an actual loss of $120 million. But I want a lot of ordinary people to read this book. Its distribution network included 50 refrigerated warehouses and a fleet of more than 800 refrigerated vehicles, including 570 delivery trucks. [1], Bernardo Garza Sada died at his home in Monterrey, Nuevo Len, Mexico, on November 7, 2009, at the age of 79. Another important subsidiary was Dinamica, S.A., which acted as the service group for the holding company. 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 . Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Death: December 13, 1979 (84) Monterrey, Nuevo Leon, Mexico. 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. Privacy Policy. These children, in turn, intermarried with other prominent Monterrey families, including the Laguera and Seplveda families. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. International Directory of Company Histories. The memorial is located at the crossroad where Garza Sada died in 1973. 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. (April 27, 2023). The Monterrey Group empire derived from the founding in Monterrey of Cerveceria Cuauhtemoc, a brewery, in 1890 by Isaac Garza Garza, his brother-in-law, Francisco Sada Muguerza, and two others. Public, The Goodyear Tire & Rubber Company Alfa also was required to divest itself of an undisclosed number of companies that were not part of its core business. Alfa was a party to 11 joint ventures with foreign companies. In July 1982 it presented a restructuring plan that called for it to sell one-fourth of its assets over a five-year period. 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. 17, 25. 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. 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. Armando Garza Sada is Chairman of the Board at Grupo ALFA. Oil prices would know no limit. 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. Source: International Directory of Company Histories, Vol. Chairman of the Board, Alfa. Stockton, William, Banks To Get Stake in Mexicos Alfa, New York Times, December 11, 1986, p. D10. We would like to show you a description here but the site won't allow us. Don't miss out this opportunity and join . Its distribution network included 50 refrigerated warehouses and a fleet of more than 800 refrigerated vehicles, including 570 delivery trucks. 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. One observer said that Alfa "bought businesses like someone would buy candies for their children." "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. Cite this article Pick a style below, and copy the text for your bibliography. Web site: http, Mannesmannufer 2 [CDATA[ Irma Salinas, 57, and her kin about whom she writes are the industrial barons of Monterrey, some members of the Garza Sada family, whose name is as familiar in Mexico as Rockefeller in the United States. He is also Professor at the University of Montral, Professor at Instituto Tecnol?gico y de Estudios Superiores de Monterrey, Professor at EGADE Business School and VP-Sustainability & Social Responsibility Culture at Sigma SA de CV and on the board of 6 other companies. Finally, we can read about how these great companies came about with Company Histories.. It also took a quarter share in Grupo Televisa, which virtually monopolized Mexican television broadcasting. ", Under Bernardo Garza Sada's leadership Alfa diversified from its base into petrochemicals, synthetic fibers, capital machinery, farm equipment, television sets, and tourism. of which nine would be named jointly by the foreign banks and the Garza Sada family. 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. 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. Mr. Garza Sada is the Chairman of the Board of Directors of Alfa, S.A.B. The two men did the firing were found dead later that day, their bodies thrown behind a cemetery Salinas says she has had access to court documents, judges and cabinet ministers and writes of contradictions between statements of police, witnesses and the accused. The net worth of Bernardo Garza Sada and his family was estimated at $1.5 billion in 1996. The chapters full of erotic scenes she says have a purpose: "I know I'm ridiculed for that because I'm a grandmother. Fax: ( +49 211) 824-36000 U.S.A. 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. 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. 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. These included the original brewery, Cervecera Cuauhtmoc; a bottling company, Hojalata y Lmina; and Empaques de Cartn Titn, a packaging firm. 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). Incorporated :1984 De C.V. is Everardo ElizondoAlmaguer, 76, who is the Independent Director. Cite this article Pick a style below, and copy the text for your bibliography. 19. 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. The most famous of these groups, the ALFA industrial group, the . ALFFF: Get the latest Alfa SAB de C stock price and detailed information including ALFFF news, historical charts and realtime prices. Telephone: (312) 606-4000 He served as the President of Alestra, S. de R.L. Bernardo Garza Sada (1930 7 November 2009) was a Mexican businessman who founded the Grupo ALFA conglomerate in 1974. Mr. Garza Sada serves as a General Director of Versax S.A. De C.V, Selther, Polioles and Sigma. It is a diversified group of businesses, mainly industrial, that produces petrochemicals, aluminum auto components, and refrigerated foods. 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. 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. In retrospect, following Alfa's near-bankruptcy in 1982, Alfa's success bred arrogance. The Alfa man had to look good on paper.". Menno Vellinga, Economic Development and the Dynamics of Class: Industrialization, Power and Control in Monterrey, Mexico (1979). estimated between 1909 and 1969. The largest family conglomerate, generally known as the Monterrey Group, began with the founding of the Cuauhtmoc Brewery by Isaac Garza and Francisco Sada in 1890. P, MacAndrews & Forbes Holdings Inc. That's why they need to be unmasked." Alfa's stake was held through its subsidiary AlfaTelecom, S.A. de C.V. In 1982 the Mexican economy hit the rocks. [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]. It is this Armando Garza Sada Chairman of the Board of Directors, Alfa, S.A.B. 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. The Argentine poet Jos Hernndez (1834-1886) was an active social force during the period of consolidation of the Arge, Tarascans (now also called Purpecha), the Native American linguistic and cultural group that in pre-Spanish times occupied most of the area of the p, Michoacn, central-western Mexican state. Managed by: Roberto Armando Sada Villarreal. de C.V.'s Board of Directors and corporate practices and finance committee since March 26, 2015. . 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. Behind the Facade. Hylsa (now Hylsamex) and Sigma Alimentos, the food subsidiary, received their own separate stock listings to reduce their dependence on the parent company. 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. 1144 East Market Street In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. NAIC :32562 Toilet Preparatio, 125 South Franklin Street "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. Ninfa Salinas Sada, Benjamn Salinas Sada, and Hugo Salinas Sada are his eldest children. The events that followed are still shrouded in mystery. 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. Bernardo Garza Sada, Roberto's son, 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. Net sales rose to 14.21 billion pesos ($4.06 billion), but the company lost 2.16 billion pesos ($617 million). Bernardo Garza Sada (1930 - 7 November 2009) was a Mexican businessman who founded the Grupo ALFA conglomerate in 1974. 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.

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