Under a complex arrangement, the creditor banks forgave $920 million in Alfa's debt in return for 45 percent of its stock. Alfa in the Early 1990s. 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. "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. That's why they need to be unmasked." Manufacturing ventures in television sets, bicycles, and tractors were sold. [2], Eventually, in 1986, Alfa paid off about five dozen foreign banks in stock. One observer said that Alfa bought businesses like someone would buy candies for their children. A foreign bank representative recalled, They were on the same kind of roll that the Mexican government was on then. Its own subsidiaries included Petrocel, S.A.; Nylon de Mexico, S.A. (60 percent); and Polioles, S.A. de C.V. (51 percent). "We demand that!" 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). 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 . [1][2] Alfa also produces televisions, machinery, and has assets in Mexico's tourism sector. 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. Much, Marilyn, Mexico: The Long Road Back, Industry Week, August 8, 1983, pp. 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 is Chairman at Alfa Sab de CV. 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. Alfa S.A.B. [1] He also served as ALFA's former president. Garza Sada Family - Biography - MarketScreener.com She alleges she was surrounded by cars full of gunmen and was swamped with telephone threats. 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.