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. But I want a lot of ordinary people to read this book. The corporate staff was slashed from 4,000 to 1,000, and later to 400. Hylsa became the largest privately run steel mill in Mexico, a fully integrated complex with activities ranging from mining and processing iron ore to finished products. "People have to know about those that have the economic power in Mexico. Another important subsidiary was Dinamica, S.A., which acted as the service group for the holding company. Then police raided the author's home, seized her private copies and charged the book was "vulgar" and "libelous.". In 1982 the Mexican economy hit the rocks. Armando Garza Sada - The Trilateral Commission 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. Another important subsidiary was Dinamica, S.A., which acted as the service group for the holding company. Twitter [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. Then, copy and paste the text into your bibliography or works cited list. A1, A8. Don Eugenio, Salinas writes, understood and agreed to inform the other industrial captains. 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. "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. They know of course as long as I have money. Husband of Private. I can fight and write and pay lawyers. In 1996 Alfa formed a joint venture with Valores Industriales, Bancomer (Mexico's second largest bank), and AT&T to enter the Mexican long distance telephone market in competition against Telefonos de Mexico. Echeverria is now accused of fostering letfism and chaos. It also participates in the extraction of oil and natural gas, and offers IT & telecom services. By the end of the year it was predicting a $60 million loss and it finally reported an actual loss of $120 million. PDF Prospects in emerging markets drive CEO confidence - PwC In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income fell to 444 million pesos ($130 million). The unexpected author is a mother of eight and grandmother of 17. (Sada died a few years ago is a diving accident in the Carribean.) Its distribution network included 50 refrigerated warehouses and a fleet of more than 800 refrigerated vehicles, including 570 delivery trucks. There are no family members in important executive positions", Business Latin America wrote, "and this . Armando Garza Sada | Alfa | Mexico - OMICS International 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. Aside from the sober, political sections of the book, Salinas uses a sharp tongue and a very personal style to describe the exclusive, tight knit family which she entered by marrying Roberto G. Sada, grandson of one of the founders of the Garza Sada empire. Stockton, William, Banks To Get Stake in Mexicos Alfa, New York Times, December 11, 1986, p. D10. Operating income was a record $425 million and special gains related to the debt restructuring and the peso's stabilization against the dollar added $575 million more. 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. "It's too close to a school, I am suddenly told by the authorities. International Directory of Company Histories. One observer said that Alfa "bought businesses like someone would buy candies for their children." Alfa, S.A. de C.V. -- Company History Located between Mexico and Jalisco, it has a population of 3,966,073 (2005) and its capital is Morelia. 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. De C.V since 2018. Cite this article Pick a style below, and copy the text for your bibliography. 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. To enter the "Monterrey Group's" social circuit, the best way, she writes, "is to be an industrialist. Alfas subsidiary Alpex, 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. 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. Brother of Jacobo Garza Sada; Private User; Private User; Private and Rogelio Garza Sada. "If you look at the profile of our strategy," Garza Medina told a Wall Street Journal reporter, "we are going from a commodity company into more value-added products," with higher profit margins. 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. Garza Sada Family 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. 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. Except that school has been there for 10 years. Not just a few insiders, the politicians or the businessmen. He is also Chairman for the University of Monterrey . ALFA (Mexico) - Origins - Restructuring in The 1980s. 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). Manufacturing ventures in television sets, bicycles, and tractors were sold. By 1980 it had 157 subsidiaries in 39 branches of the economy. Presently, Juan Carlos Caldern Rojass is Deputy Director-Treasury Sales at Banco Nacional de Mxico SA. [2], Alfa celebrated the restructuring of its debts with an elaborate outdoor mass on a Monterrey baseball field in 1988, attended by 10,000 employees. By 1980 it had 157 subsidiaries in 39 branches of the economy. If she knew there would be so much trouble, why did she write the book? "There is no falling out," one source explained to the New York Times. 4 likes, 0 comments - Guaguacoa Carrizalejo (@guaguacoacarrizalejo1) on Instagram: "Nos encontramos sobre la ave Gmez Morin 2003 L-1 en la Plaza Carrizalejo . The Alfa man had to look good on paper.. Armando Garza Sada is Chairman of the Board at Grupo ALFA. de C.V. and Grupo Proeza, S.A.P.I. Therefore, that information is unavailable for most Encyclopedia.com content. Expecting problems, Salinas says she decided to write the book secretly. Hylsa (now Hylsamex) and Sigma Alimentos, the food subsidiary, received their own separate stock listings to reduce their dependence on the parent company. In retrospect, following Alfa's near-bankruptcy in 1982, Alfa's success bred arrogance. Everyone plays at convincing themselves that no one knows what everyone knows." Garza Sada Family | Encyclopedia.com 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. St. James Press, 1998, This page was last edited on 22 April 2023, at 14:09. 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 Hylsas common stock. of which nine would be named jointly by the foreign banks and the Garza Sada family. [1] "So if the secret, passionate encounters came to a halt," she writes, "his tequila business received powerful injections of capital. ", Salinas says nothing can hold her back. Alfa is listed on the Mexican Stock Exchange and the Latibex, the Latin American market in the Madrid Stock Exchange. Debtwire's shareholder profile of the Garza Sada family - (Alfa, Femsa The oldest executive at Cemex S.A.B. Alestra began long distance operations in Monterrey and Queretaro at the beginning of 1997 under the AT&T name. Fernndez Menndez, Jorge. Retrieved April 27, 2023 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/alfa-sa-de-cv. [1] He was survived by his wife and three children. The company unwisely abandoned its prudent traditional policy of only integrating firms that had similar or complementary products. 3738. In 1993 the company had revenues of 8.56 billion pesos ($2.5 billion), but operating income . It soon set up its own glass . [2], The early 1990s were not as good a period for Alfa, as world demand for petrochemicals and steel slowed. Bernardo Garza Sada - Wikipedia Largely because of the collapse of the peso and heavy interest obligations, Alfa lost $233 million and suspended principal as well as interest payments. 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. 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. As consumers, we often take for granted all the hard work that goes into building a great company. Eugenio Garza Lagera is 72 years old. This company was involved in the entire steelmaking process from mining iron ore to manufacturing and distributing steel products. ." Eugenio Garza Sada on Instagram: "APPLY NOW! We already start the application period for the 3rd generation of Dandelions! Alfa in the Early 1990s. All of these conglomerates rank among the top fifty companies in Mexico.