Grupo Salinas

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Grupo Salinas is a corporate conglomerate formed in 2001 by several Mexican companies.[1][2] The group consists of:

Each of the Grupo Salinas companies operates independently, with its own management and board of directors.

History[edit]

Company history begins with a store called "Salinas y Rocha" founded in 1906 in Monterrey.[citation needed]

In 1950, Grupo Elektra began as a radio factory. Two years later, the company began manufacturing television sets and increased its workforce to 70 employees. Elektra began selling products directly to consumers in 1954. In 1957, Elektra retail stores incorporated credit programs. By 1968, Elektra had 12 stores in the region and by 1987, 59 stores. Elektra Group became[when?] a publicly traded company listed on the Bolsa Mexicana de Valores, the Mexican Stock Exchange.

In 1993, Grupo Elektra bought the Imevisión government television network and renamed it TV Azteca. TV Azteca created an initial public offering in 1997 on the Mexican and New York stock exchanges.[3] In 2012, Grupo Elektra, a wholly owned subsidiary of Grupo Salinas, acquired Advance America for an estimated $780 million USD.[4]

In 2003, Grupo Salinas purchased the telecommunicaions company Iusacell and the mobile phone company Unefón. Iusacell was sold to AT&T in 2014, and rebranded as AT&T Mexico. Unefón was also sold to AT&T Mexico.

SEC charges against TV Azteca[edit]

References[edit]

  1. ^ Grosse, Robert; Mesquita, Luiz F. (2007). Can Latin American Firms Compete?. Oxford University Press. pp. 388 ff. ISBN 9780191607943.
  2. ^ Pitt, Martyn R.; Koufopoulos, Dimitrios (2012). Essentials of Strategic Management. SAGE. p. 284. ISBN 9781446290774.
  3. ^ The New York Times, Offering Scheduled in Equity and Debt Offerings This Week, Monday, August 11, 1997
  4. ^ Grupo Elektra to Acquire Advance America for $10.50 Per Share