Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. 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. Grupo Alfa profits would know no limit.". One observer said they always picked the kid with the Harvard MBA over the guy who really knew the business. Manufacturing ventures in television sets, bicycles, and tractors were sold. He was President of Versax and of Sigma. 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. Manufacturing ventures in television sets, bicycles, and tractors were sold. 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. 19. The Life Summary of Roberto. Alfa was a party to 11 joint ventures with foreign companies. Sigenzas father was tutor to Prince Baltazar before going to New Spain. I will soon write another book showing the moral decay of our ruling class.". A foreign bank representative recalled, "They were on the same kind of roll that the Mexican government was on then. Ori, Coahuila, third largest state in Mexico. In 1936 the family holdings, already vast, were divided into two separate industrial groups. Telephone: (330) 796-2121 learn how over 7,000 companies got started! After studying merchandizing in Santander, Spain, he went into the grocery business with Jos Caldern, who married his aunt. A Virtual Outcast, Last year, the twice-widowed Salinas caused a minor storm with her autobiography in which she tells of her own love affairs, something unheard of in polite society here. Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Polioles, S.A. de C.V. (51 percent). The creditors also were paid $25 million by Alfa and $200 million in Mexican government debt. Another important subsidiary was Dinamica, S.A., which acted as the service group for the holding company. Armando Garza Sada | Alfa | Mexico - OMICS International Garza Sada Family Therefore, that information is unavailable for most Encyclopedia.com content. 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. [2], Eventually, in 1986, Alfa paid off about five dozen foreign banks in stock. Mr. Garza Sada holds a Bachelors degree from the Massachusetts Institute of Technology and an M.B.A. from Stanford University. Another son, Isaac, took over another set of firms, and also developed his own businesses. Chairman of the Board, Alfa. Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. Currently, he is a member of the Board of Directors of Alpek, S.A.B. de C.V., Fomento Econmico Mexicano, S.A.B. The settlement of Alfas debt left unresolved Hylsas own debt, which in 1988 reached $1.2 billion to 68 lenders, including about $300 million in overdue interest. 4845 U.S. Highway 271 North 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. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. 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. "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.". He . 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. 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. Before that, he was the director for . International Directory of Company Histories. Twitter Presently, Juan Carlos Caldern Rojass is Deputy Director-Treasury Sales at Banco Nacional de Mxico SA. 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. Alfa also was required to divest itself of an undisclosed number of companies that were not part of its core business. 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. Also, he held executive positions at ALFA, Polioles and Selther. 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. Also, he held executive positions at ALFA, Polioles and Selther. And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries. [2], Alfa also was required to divest itself of an undisclosed number of companies that were not part of its core business. He is the heir of the family that controls the Fomento Economico Mexicano SA (FEMSA) and the Grupo Financiero Bancomer SA. I can fight and write and pay lawyers. International Directory of Company Histories. 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. 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). req.] 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. Most online reference entries and articles do not have page numbers. Cemex S.A.B. Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Polioles, S.A. de C.V. (51 percent). Retrieved April 27, 2023 from Encyclopedia.com: https://www.encyclopedia.com/humanities/encyclopedias-almanacs-transcripts-and-maps/garza-sada-family. I've begun to understand the abuse of power and the alienation that comes from the need to gain more and more power through money. Relatives claim that they have been "tortured and forced to confess.". Armando Garza Sada: ALFA S.A.B. window.__mirage2 = {petok:"DJKAqA11ycACRF3YkMEoyO6pFA5Md3QrRh5b2fnyp8s-86400-0"}; 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. This subsidiary accounted for 12 percent of Alfa's revenues in 1996. Death: Immediate Family: Son of Jacobo Garza Sepulveda and Maria luisa Sada Rodrguez. Fax: (312) 606-4093 ", Another relative, also a member of Monterrey society, she describes as a typical Mexican macho always ready to show off his latest-model sports car or newest mistress. Public Compa, August-Thyssen-Strasse 1 'I Can Fight', Her conscience, she says, does not bother her. Father of Private User; Private and Private. The company recorded the most profitable year of its history in 1988. Employees :29,854 SAN PEDRO GARZA GARCIA, Mexico, March 7, 2022 /PRNewswire/ -- ALFA S.A.B. Language links are at the top of the page across from the title. [2] Additionally, Garza Sada was a member of the company's board of directors for two decades. [2], The collapse of the peso in late 1994 took a heavy toll on Alfa, as on other Mexican enterprises. Before the year was out the government had extended Alfa an emergency aid package of 12 billion pesos ($480 million). Mexico, D.F. 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. It soon set up its own glass . The huge conglomerates now embrace chemical, steel and cement Plants, textiles, television, two nationwide banking chains and employ 80,000 people. (Mexico's central bank) from 1998 to 2008. He has been chairman of CAINTRA (Nuevo Leon State Manufacturing Industry Chamber) and the . Source: International Directory of Company Histories, Vol. Juan Carlos Caldern Rojass - Biografa St. James Press, 1998. Birthdate: estimated between 1862 and 1922. Encyclopedias almanacs transcripts and maps, Encyclopedia of Latin American History and Culture. Telephone: (903) 855-1000 Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Policies, S.A. de C.V. (51 percent). Eugenio Garza Sada - Wikipedia Privately, a family member told a reporter that Salinas had caused them "terrible headaches and had to be stopped even by force. Fax: ( +49 211) 824-36000 Mr. Garza Sada is currently the Chairman of the Board of Directors of ALFA, S.A.B. Alfa was a party to 11 joint ventures with foreign companies. [2] Additionally, Garza Sada was a member of the company's board of directors for two decades.