ALFFF Stock | News | ALFA SAB DE C Stock Price Today | Analyst Opinions 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. Alfa celebrated the restructuring of its debts with an elaborate outdoor mass on a Monterrey baseball field in 1988, attended by 10,000 employees. De C.V executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. There are no family members in important executive positions", Business Latin America wrote, "and this . 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 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 unexpected author is a mother of eight and grandmother of 17. Or purchase a subscription for unlimited access to real news you can count on. 19. 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. "It took 3 1/2 months. ", 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. It's very dangerous. Privacy Policy. 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). Located between Mexico and Jalisco, it has a population of 3,966,073 (2005) and its capital is Morelia. "I had to undress myself first, otherwise 'Our Group' could be discredited by people trying to expose me.". He married Margarita Sada Garca on 11 February 1921, in Monterrey, Nuevo Len, Mexico. MarketScreener: Created by Investors for Investors! . Riding, Alan, Monterrey Group: A Family of Wealth and Symbol of Economic Independence, New York Times, October 21, 1974, p. 53. It is this Armando Garza Sada Chairman of the Board of Directors, Alfa, S.A.B. Grupo Alfa profits would know no limit.. 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. It is a diversified group of businesses, mainly industrial, that produces petrochemicals, aluminum auto components, and refrigerated foods. 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. Its distribution network included 50 refrigerated warehouses and a fleet of more than 800 refrigerated vehicles, including 570 delivery trucks. This subsidiary accounted for 12 percent of Alfa's revenues in 1996. The corporate staff was slashed from 4,000 to 1,000, and later to 400. "Alfa, S.A. de C.V. He also said Alfa would enter retailing by opening 25 home-improvement stores over the next five years. . It operated more than 70 distribution centers. The creditors also were paid $25 million by Alfa and $200 million in Mexican government debt. Roderic Ai Camp, Entrepreneurs and Politics in Twentieth Century Mexico (1989). Encyclopedia.com. Husband of Margarita G Sada Garcia. learn how over 7,000 companies got started! Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. [1], Garza Sada, a graduate of the Massachusetts Institute of Technology (MIT),[3] is credited with turning Grupo Alfa into a diversified conglomerate with revenues of $10.6 billion USD in 2008. Encyclopedia.com. Father of Mara Aurora Garza Sepulveda; Manuela Garza Sepulveda; Isaac Garza Sepulveda; Lorenzo Garza Sepulveda and Javier Garza Sepulveda. In 1957 it patented HyL, a system of direct reduction known as fire sponging. Alpex was Alfas biggest subsidiary, accounting for 44.5 percent of the parent companys revenues in 1996. [CDATA[ 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. of C.V. Born in Monterrey, Mexico, 1957. . "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.". All rights reserved. Copyright (c) 2022 Company-Histories.com. 3738. Another important subsidiary was Dinamica, S.A., which acted as the service group for the holding company. 2019Encyclopedia.com | All rights reserved. "[2], 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. Alex Saragoza, The Monterrey Elite and the Mexican State, 18801940 (1988). [2] Additionally, Garza Sada was a member of the company's board of directors for two decades. Rosario Garza Sada, Roberto Garza Sada, Eugenio Garza Sada, Consuelo Garza Sada, . 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. 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. Born in 1957, he joined ALFA in 1978. 'I Can Fight', Her conscience, she says, does not bother her. (Mexico's central bank) from 1998 to 2008. 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). Encyclopedia.com. Fax: +49 (0) 211 820-1846 Sigma was planning to make frozen Mexican food for both the domestic and U.S. markets. 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. Armando Garza Sada. Armando Garza Sada | Alfa | Mexico - OMICS International 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. lvaro Fernndez Garza. Akron, Ohio 44316-0001 Bernardo Garza Sada - Wikipedia 1144 East Market Street Net sales rose to 14.21 billion pesos ($4.06 billion), but the company lost 2.16 billion pesos ($617 million). In July 1982 it presented a restructuring plan that called for it to sell one-fourth of its assets over a five-year period. The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. 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. ." Eventually, in 1986, Alfa paid off about five dozen foreign banks in stock. Alfa did so well that the Garza Sada family was able to buy back much of the equity it had surrendered to its creditors. Net sales rose to 14.21 billion pesos ($4.06 billion), but the company lost 2.16 billion pesos ($617 million). PDF Prospects in emerging markets drive CEO confidence - PwC 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. Famous quotes containing the word family: " I swear . "Garza Sada Family Oil prices would know no limit. 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. Encyclopedia of Latin American History and Culture. The corporate staff was slashed from 4,000 to 1,000, and later to 400. Bernardo Garza Sada (1930 7 November 2009) was a Mexican businessman who founded the Grupo ALFA conglomerate in 1974. [1] He was survived by his wife and three children. Now, she says, she is a virtual outcast in Monterrey where friends and relatives either completely avoid her or send notes saying , "Congratulations, but you must understand I can't be seen talking to you." An Insider's Telling Tales About Mexico's Richest Family 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. 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. Monterrey Group: A Family of Wealth and Symbol of Economic Independence It was not only the leading private firm in Mexico but in all of Latin America. ALFA (Mexico) - WikiMili, The Best Wikipedia Reader Fabiola Garza Sada is on the board of Nemak SAB de CV, Alfa Fundacin and Controladora Nemak SAB de CV. It also took a quarter share in Grupo Televisa, which virtually monopolized Mexican television broadcasting. "People have to know about those that have the economic power in Mexico. 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.. We would like to show you a description here but the site won't allow us. [2], Eventually, in 1986, Alfa paid off about five dozen foreign banks in stock. This company was involved in the entire steelmaking process from mining iron ore to manufacturing and distributing steel products. "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. Don Eugenio was shot in his car in the early morning of Sept 17, according to police, in a leftist kidnap attempt, according to Salinas' allegations, by hired gunmen. Franco Senz, Hctor. It also took a quarter share in Grupo Televisa, which virtually monopolized Mexican television broadcasting. Alfas total debt was 18.5 billion pesos ($2.7 billion). This company was involved in the entire steelmaking process from mining iron ore to manufacturing and distributing steel products. Alfa, S.A. de C.V. -- Company History Birthdate: estimated between 1862 and 1922. 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. This subsidiary accounted for 12 percent of Alfa's revenues in 1996. Sigenzas father was tutor to Prince Baltazar before going to New Spain. de C.V., also known as Alfa or Alfa Group, is a Mexican multinational conglomerate headquartered in Monterrey, Mexico. In 1936 the family holdings, already vast, were divided into two separate industrial groups. Bernardo Garza Sada. (April 27, 2023). [1] He also served as ALFA's former president. Torres, Craig, Mexican Conglomerate Alfa, As It Cuts Operations, May Face Hostile Investor, Wall Street Journal, August 25, 1994, p. A8. Telephone: +49 (0) 211 820-0 I can fight and write and pay lawyers. 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 Mexicos steel industry and was making products for use in the construction, auto parts, and home appliance industries. Name: Equities % Valuation: Alfa 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. 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. Isidro Vizcaya Canales, Los orgenes de la industrializacin de Monterrey (1971). In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. (June 3, 1853 - May 1, 1933) was a Mexican businessman who redirected to industry the interests of the Garza family which, according to Fortune Magazine, are the Mexican equivalent of the Rockefellers This page was last edited on 27 November 2020, at 12:18 . Eugenio Garza Sada on Instagram: "APPLY NOW! We already start the Oil prices would know no limit. [2], The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. [2] Additionally, Garza Sada was a member of the company's board of directors for two decades. Chairman of the Board, Alfa. Her secretary and researchers would continue the work in the daytime. In 1936 the family holdings, already vast, were divided into two separate industrial groups. 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. Sales :$6.07 billion (1997 est.) The company recorded the most profitable year of its history in 1988. So I wrote every night from 9 till 6 the next morning. A frozen food plant and a cheese manufacturing facility were under construction. [2], Alfa also was required to divest itself of an undisclosed number of companies that were not part of its core business. Fabiola Garza Sada - Biography 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.
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