History of Grupo Carso

Grupo Carso was established in 1980 under the name of Gala Group, Inc. de CV


The Group's companies 217 000 direct jobs and 500 thousand indirect jobs in Mexico.


Carso growth has been possible thanks to the continued reinvestment of profits from their companies to continue producing goods and services, while creating jobs for Mexicans. Carso Group focuses its growth and investment into the most dynamic sectors in the medium and long term, maintaining flexibility and speed in decision making.


Grupo Carso, SA de CV, a Mexican holding company that has a demonstrated ability in management companies operating in highly competitive markets, both nationally and internationally.


Between 1981 and 1986 made several investments and acquisitions, including Cigatam is the first and most important, cash flows and that in 25 years won 1.5% of market share on average each year in strong competition. Other companies were Hulera the Centennial with 23%, and Bimex. Also during this period he joined Reynolds Aluminum and Aluminum, Inc.


In August 1984, the purchase of insurance in Mexico and there was significant minority investments in several companies with a total of $ 55 million. Inbursa Financial Group was composed of Inversora Securities Brokerage, Insurance and Bonding The Guardian Mexico.


In 1985 Grupo Carso acquired control of Graphic Arts United Paper Mills Loreto y Pena Pobre, and most of its subsidiary Sanborns Dennys.


In 1986 he acquired the company Minera FRISCO and Empresas Nacobre and its subsidiaries and controls Euzkadi tire company, a leader in the market later in 1993, most of General Tire. In 1991 acquired the Hotel Calinda (now OSTAR Hotel Group).


1990's

In May, Carso Industrial Corporation was merged with the company, changed its name to Grupo Carso and increase their participation in Sanborn, Frisco and Nacobre. In June of that same year, undertook a placement of shares of Grupo Carso on the BMV. In December 1990 Grupo Carso, Southwestern Bell with International Holding Corp., France Cables et Radio, and a group of investors, acquired by tender, control of Telmex.


1991. In October, Grupo Carso acquires 35% stake of Euzkadi.


1992. Grupo Carso bought most Condumex actions and most actions Aluminum Group.


1993. In January, Grupo Carso acquired through llantera Industrial Corporation, 99.1% of the shares of General Tire of Mexico.


1996. In June, Grupo Carso Carso Global Telecom split into, which were transferred the assets relating to the control of Telmex. During this year increased participation in Porcelanite, to reach 99.86%.


1997. In April, GCarso acquired 60% stake in Sears Roebuck de Mexico. Sears Roebuck Inc. holds a 15% stake in Grupo Carso.


In addition, Grupo Carso made a tender offer for the remaining 25% stake. In the same year divested its assets LyPP papermaking. Also in 1997, Philip Morris International (PMI), increased its stake in Cigatam in 21.2%, which GCarso remains with the 50.01% equity, PMI with 49.91% and other minority shareholders with 0.08%. Derived from this restructuring, Cigatam is responsible for the manufacture of cigarettes, and Philip Morris Mexico, a subsidiary of Philip Morris International, Grupo Carso which is 49.99%, marketing and distribution.


1998. The Company divested its assets related to the tire industry (Euzkadi and General Tire).


1999. GCarso bought in July, through a subsidiary, 66.7% of the capital of Ferrosur, a holding company operating rights railroad

Mexico-Veracruz-Coatzacoalcos.


In March, Sanborn Group took its current name and redefined its corporate structure thus concentrating the GCarso business lines related to the business side. In addition to the business of department stores, restaurants, cafes and music stores, is responsible for developing, rental, operation and management of real estate involved in the ownership of shopping centers.


Controller and Manager of Pastry, SA de CV was acquired by Grupo Sanborns in May, which was placed in the Mexican market as a chain of pastry and fresh baked goods most established and prestigious.


This year, Sanborn Group acquired 14.9% of CompUSA, an American company in the field of technology and computing.

2000's


2000. Sanborn Group completed the acquisition of 51% of CompUSA, an American company in the field of technology and computing.


2001. Carso Group decided to focus its activities to the domestic market, mainly in telecommunications, commercial and consumer, construction and energy. As part of the redefinition of the group in late 2001 approved the division of CompUSA.


2003. Grupo Carso acquired the six department stores operating in Mexico under the rattle JC Penney, as well as the Monterrey Pastry bakery chain, which had 13 stores and 2 plants in Nuevo Leon and Coahuila. Also during that year entered the business of building oil platforms. Also during that year GCarso sold three of its hotels located in Cancun.


2004. In May and December, as part of the strategy of divesting non-strategic businesses, GCarso sold its stake in Fluorine Chemistry and Grupo Primex.


In December, Sanborn Group acquired 100% of the shares of Dorian's Tijuana SA de CV (Dorian's), retail company, well diversified, with strong influence in the northwest of Mexico, has 71 outlets serving different market niches.


2005. Was formed in September Carso Infrastructure and Construction (CICSA), a subsidiary that incorporates PC Builders Group, a construction that was already owned by Grupo Carso, a Swecomex, a subsidiary of Condumex, which since 2003 became involved in the program PEMEX oil platforms ; to Precitubo, supplier of steel tube, and finally to Latin American Infrastructure Construction (formerly Aguatl), a company belonging to Empresas Frisco.


The regrouping of the industrial business has no material effect on consolidated level. Its purpose is to have greater integration between industrial companies that will allow Grupo Carso achieve efficiencies and synergies and new market opportunities related to infrastructure and construction projects.


In May, Sanborn Group began operations out of Mexico, with the opening of a store Sanborn, a department store a music store Dorian'sy Mix Up at the mall in El Salvador.


Following the strategy of divesting non-core businesses to focus on the divisions of Grupo Carso, Grupo Condumex sold its 66.7% equity interest of Ferrosur to Infrastructure and Rail Transport (ITF), a subsidiary of Infrastructure and Transport Mexico ( ITM), in turn a subsidiary of Grupo Mexico. Also in 2005 Grupo Carso signed a capital increase in ITM to be holding 16.75% of the share capital of that company.


Carso Group continued to consolidate its business portfolio around three sectors defined as strategic: industrial, commercial and infrastructure construction and consumption. Although the company has decided to focus its efforts primarily in these areas, highlights its participation in profitable businesses in other sectors, they do maintain a significant correlation with the national economy.


Source: http://www.carso.com.mx