Grupo Carso companies generate 250,000 direct jobs and more than 500,000 indirect jobs in Mexico.
Business activity of Carlos Slim Helú
Learn more about the business activities of Carlos Slim Helú, who has spent 53 years of his life building Grupo Carso.
It has taken Carlos Slim Helú 53 years of his life to build Grupo Carso. Although he has left most of the boards of his companies, currently serves as: Chairman of the Board of Directors of Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. (IDEAL); Chairman of Fundación Telmex, A.C.; Chairman of Fundación Carlos Slim Helú, A.C.; Chairman of the Executive Committee of Consejo Consultivo de Restauración del Centro Histórico; and Chairman of Fundación del Centro Histórico, A.C.
Although he continues to conduct business activities today, his primary focus is on the education, the health, and employment in Mexico and Latin America with the foundations he leads, thus his three sons, Carlos, Marco Antonio and Patrick Slim Domit, have taken over the reins of the businesses.
Carlos Slim is well known as reliable President for all his companies, for example, Grupo Carso doesnt have corporate staff members, and every company is got their own structure looking for the efficiently.
Corporate History of Grupo Carso and Inbursa
Companies
Grupo Carso: Plan 2012
Grupo Carso: Plan 2011
Corporate History of Grupo Carso and Inbursa
They were founded in 1965 with the acquisition of the bottling company Jarritos del Sur and the establishment of several other companies such as Casa de Bolsa Inversora Bursátil, Inmobiliaria Carso, Constructora Carso, Promotora del Hogar, S.S.G. Inmobiliaria, Mina de Agregados Pétreos el Volcán, Bienes Raíces Mexicanos and Pedregales del Sur, as well as a buy-sell-lease company for construction equipment. Inmobiliaria Carso was incorporated in January 1966. Carso comes from the first syllable of the names Carlos and Soumaya, Mr. Slim’s wife.
At the end of the 1960s, several pieces of property were bought in the southern part of Mexico City, totaling approximately 2 million square meters, and were expropriated in 1989.
In June 1976 Galas de México was acquired. In 1980 the corporation that is today Grupo Carso was officially incorporated in order to obtain the majority stake in Cigatam, in which Philip Morris was a 29% partner.
The beginning of the 1980s marked a very important period in the history of Grupo Carso, as it became a group of large companies. This was a critical period in the history of Mexico, with the debt crisis and the nationalization of the Mexican banking system in 1982, the year in which Carso made the decision to invest intensively and actively.
Between 1981 and 1986 several investments and acquisitions were made, among which was Cigatam, the first and most important due to its cash flow and because in 25 years it increased its market share by 1.5% on average each year, despite very strong competition. Other companies were: Hulera el Centenario, with 23%, and Bimex. Reynolds Aluminio y Aluminio, S.A. was also integrated during this period.
In August 1984 Seguros de México and 33% of an important block of shares was purchased for US$55 million. Casa de Bolsa Inversora Bursátil, Seguros de México and Fianzas La Guardiana came together to form Grupo Financiero Inbursa.
In 1985 Grupo Carso acquired control of Artes Gráficas Unidas, Fábricas de Papel Loreto y Peña Pobre, and the majority of Sanborns and its affiliate Dennys.
In 1986 Compañía Minera FRISCO and Empresas Nacobre were acquired, as well as their affiliates, control of the market leading tire company Euzkadi, and later, in 1992 Condumex; in 1993 the majority of General Tire. In 1991 Hoteles Calinda (today, OSTAR Grupo Hotelero) was acquired.
At the end of 1990, Grupo Carso, together with Southwestern Bell, France Telecom and several Mexican investors, won the bid to privatize Teléfonos de México. When Grupo Carso bought 5.8% of Telmex at its privatization, it already had 25 years of successful business experience; Southwestern Bell acquired 5% and an option for an additional 5%, France Telecom 5% and a group of Mexican investors an additional 4.6%. Including Cigatam, the Grupo Carso companies have been publicly traded since 1981 and their history can be reconstructed through public information.
Grupo Carso has partially or fully sold several companies, such as tissue paper producers, tire companies, several hotels, printing and packaging businesses, part of Cigatam, El Globo, Química Fluor and Porcelanite, among others.
The Group’s companies currently generate more than 209,000 direct jobs and more than 500,000 indirect jobs.
Carso’s growth has been possible due to the ongoing reinvestment of profits in its companies for the continued production of goods and services, which at the same time generates jobs for Mexicans. Grupo Carso focuses its growth and investments on the most dynamic sectors in the medium and long term, maintaining its flexibility and rapid decision-making.
Grupo Carso, S.A. de C.V. is a Mexican holding company that has proven its capacity to manage companies operating in highly competitive markets, both domestically and internationally.
INBURSA Financial Group celebrates its 50th anniversary. November 30, 2015. Mexico City.
In 1990, Grupo Carso and other Mexican investors acquired 10.4% of the companys stock, in partnership with SBC – 5% with an option for an additional 5% – and France Telecom 5%. Since 1990, Telmex has embraced a work culture where training, modernization, quality and customer service is a priority. Over the course of 20 years, Telmex has developed a world-class technology platform that has allowed it to optimize processes and strengthen the corporate culture, translating into improved levels of service and customer care.
In 1991 Telmex was using electromechanical, analog and other obsolete equipment and technology in its operations, transportation, physical plant and maintenance, and had manual records and a 360-kilometer fiber optic network. Telmex has modernized and today has more than 194,322 kilometers of fiber optic installed throughout the country.
Telmex operates with the firm conviction to access the entire population to telecommunications, even though not having profit margins or subsidies; the Enterprise has the largest network of the country in this sector.
Since its privatization, Telmex aims to anticipate and meet all the telecommunication needs of its customers, offering the most advanced products and services with the highest quality standards and at the best prices. Telmex is the leader company in telecommunications in Mexico. From 1990 to 2014, Telmex has invested more than 35.4 billion dollars in its expansion, modernization and transformation, as well as in changes in the digital culture of both the company and the country.
Telmex is a corporation constituted by Telefonos de Mexico, S.A.B.C.V, its subsidiary enterprises and partners that provide telecommunications services in Mexico. Its services coverage includes, among other things, the operation of the most extensive network of local and long distance services. It also provides services such as connectivity, internet access, collocations, lodging and interconnection services with other telecommunication operators.
On September 2000, Telmex did split both its mobile-phone business and most of its international capital investments in order to create the new enterprise América Móvil.
Among other gains envisaged, such a decision did weigh the benefits of having independent and competing firms with a business approach and financial flexibility in order to face both Telmex and América Móvil distinct strategies.
Since February 7, 2001 on, when América Móvil shares were officially listed in Mexico, New York, and Madrid stock exchanges, the new firm ranked as the biggest mobile-phone company in Latin America and one of the biggest in the whole world.
On February 13, 2010, América Móvil did disclose its decision to negotiate an exchange offer with Carso Global Telecom shareholders in order to exchange their own shares for América Móvil ones.
Had this offer being accepted by Carso Global Telecom shareholders, América Móvil would indirectly gather 59.4% of Teléfonos de México outstanding stock, and 60.7% of Telmex Internacional shares.
The América Móvil and Carso Global Telecom disclosed operation is not a merger, rather a corporate restructuring through a share-interchange procedure, not including service integration neither operative fusion with Telmex in México, unlike the rest of Latin American countries where Telmex Internacional and América Móvil operate, where both service and operation integration it will be rather effective.
By combining these firms, América Móvil will be able to generate important synergies, developing an improved commercial effort and making a more efficient use of its own information networks, systems and processes, which will translate into full-integrated services for the benefit of its own customers.
On June 16, 2010, América Móvil did disclose concluding results of its own bid for Telmex Internacional and Carso Global Telecom, so resulting that América Móvil is now the owner of 93.56% and 99.44% of Telint and Telecom capital stock, respectively.
On November 22, 2011, América Móvil announced the final results of its tender offers for all of the outstanding shares of capital stock of Teléfonos de México, S.A.B. de C.V. that are not already owned, directly or indirectly, by América Móvil. It is reported that América Móvil owns (directly or indirectly) approximately 92.99% of the outstanding capital stock of TELMEX.
América Móvil América Móvil currently operates in the following countries: Argentina, Brazil, Colombia, Costa Rica, Chile, Dominican Republic, Ecuador, El Salvador, United States, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Uruguay and Mexico.
América Móvil is a good example of value creation for investors. Since 1996, it was a pioneer and global innovator of cellular prepayment systems. In 1990, RadioMóvil Dipsa (today TELCEL) had 35 thousand customers, to September 2011, have 298 million of clients in Latin America.
América Móvil stands for the major unwired services provider in Latin America. In September 2012, it have 319 million of internet access in the continent, 255.9 millions are mobile-phone users, it have 30.3 millions of fixed lines, 16.7 millions of broad band access and 15.8 millions of Tv subscribers in the whole American hemisphere.
2007 brought an important event in the history of Telmex. On December 21st, the General Assembly of Shareholders adopted the strategic initiative to reorganize the corporate structure of Telmex in two independent companies. Telmex split its operations in Latin America, as well as the business of Seccion Amarilla (Yellow Pages). A new company called TELMEX International was created.
With this split it is expected to:
- Give each company in Mexico and abroad, a more efficient operation, as well as an appropriate size, so that each of them operates autonomously, in its administrative, commercial and financial areas.
- Improving the competitive position of each one of the companies.
- Further develop the operation of TELMEX in the Mexican market of telecommunications, making clear the difference in their operations in the markets of medium and high income, where there is competition, and the low income and rural areas, where there is no competition.
TELMEX International operates in Argentina, Brazil, Chile, Colombia, Ecuador, Peru and Uruguay, offering a full regional and local support structure to respond with preciseness and efficiency to the requirements of customers, also operates in the United States and Mexico through Seccion Amarilla (Yellow Pages).
On June 10th, 2008 began the listing of TELMEX International Exchanges in New York, Madrid and Mexico .
On June 16, 2010, America Movil announced final results of the Offers for TELMEX Internationa and Carso Global Telecom. Completed this process, America Movil owns 93.56% of the share capital and 99.44% Telint capital of Telecom.
On April 11, 2011 America Movil announced the result of the tender offer for up to 3.18% of TELMEX Internationa. Under this, the shareholding of America Movil Telint capital increases to 97.10%.
Ideal
The new challenge is to promote the development of Latin America and fight backwardness by training and developing human and physical capital with a company named IDEAL (Impulsora del Desarrollo y el Empleo en América Latina, or Promoter of Development and Employment in Latin America), which is primarily focused on developing physical capital; and two foundations, the first making profitable investments and the second, supporting training and development of human capital on a non-profit basis.
Companies
Grupo Carso currently includes the following holding companies:
America Movil leading provider of wireless services in Latin America, with operations in Argentina, Brazil, Colombia, Costa Rica, Chile, Dominican Republic, Ecuador, El Salvador, United States, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Uruguay and Mexico. America Movil owns, directly or indirectly, 97.10% of the capital stock of TELMEX Internacional and its equity interest in the capital stock of TELMEX is 97.54%.
www.americamovil.com
Grupo Carso has operations in heavy industry, services, retail and consumer goods through CICSA, Condumex, Hoteles Calinda (today, OSTAR Grupo Hotelero), Nacobre, Sears, Sanborns, and Promotora Musical.
www.gcarso.com.mx
Grupo Financiero Inbursa, is comprised of Banco Inbursa, Seguros Inbursa, Casa de Bolsa Inversora Bursátil, Afore Inbursa and Operadora Inbursa, among other companies.
www.inbursa.com
Impulsora del Desarrollo y Empleo de América Latina (IDEAL), focuses on the identification, feasibility study, financial structuring, implementation and operation of long-term infrastructure projects; it does not take on construction risk and supports physical and human capital by developing highways, ports, energy generation and distribution projects, and water treatment, collection and distribution, to mention a few.
www.Ideal.com.mx
Inmuebles Carso, since its beginnings, Grupo Carso has outstandingly developed investment and real state projects, especially in urban zones by reconverting dated industrial spaces into commercial, housing, culture, health, educational, sporting and mixed use facilities which, besides lessening pollution, do create more and better jobs and access to nearby services.
Thanks to the already mentioned division, Inmuebles Carso will continue developing its own profiting assets while taking advantage of new opportunities. Likewise, it will keep operating its own real state businesses in a productive way to generate growing capital flows to reinforce its own strategy and accelerate its expansion.
Currently, Inmuebles Carso is developing several high economic and social impact projects. They are the following:
- Plaza Carso and ensuing steps
- Plaza San Luis, a mall in San Luis Potos City
- Plaza Altabrisa, a mall in Villahermosa, Tabasco
- Mixed use center in Veracruz City by reconverting the dated ALMEXA aluminum plant.
In this way, Inmuebles Carso will continue excelling itself by its own experience, carefulness, innovation and high-quality in developing projects and investments. Likewise, it will continue pushing its own vigorous dynamics and income diversity, which have allowed its projects to be preferred by its own customers, tenants, joint owners, neighbors, authorities and the rest of interested people.
Minera Frisco. Comprises several gold, silver, copper, zinc and lead mining companies, all of them involved in the metallurgical development. It operates in the states of Zacatecas, Chihuahua, Baja California, Aguascalientes and Sonora.
www.minerafrisco.com
The Ten Principles of Grupo Carso.
Carlos Slim Helú summarizes what he considers to be the Groups business principles in 10 points, which have been communicated to his relatives, colleagues, employees and work force.
- Have always simple organizational structures, minimal hierarchical levels; provide human and in-house development of the executives; maintain flexibility and fast decision-making capability; work with the advantages of a small company.
- Maintaining austerity in good times strengthens, profits and accelerates the development of the company and averts the bitterly drastic adjustments in times of crisis.
- Stay focused on modernization, growth, training, quality, simplification and the continuous improvement of production processes. Increase productivity and competitiveness, reduce costs and expenses by using global benchmarks.
- Companies should never be limited by the size of the owner or manager. Do not feel big in our small corral. Minimize investment in non-productive assets.
- There is no challenge that we cannot overcome by working united, and with clear vision in the goals and knowing the tools.
- Money that leaves the company evaporates; this is why we reinvest profits.
- Corporate creativity is not only applicable to business, but also to solving many of society’s problems. This is what we do through the Group’s Foundations.
- Firm and patient optimism always yields its rewards.
- All times are good times for those who know how to work and have the means to do so.
- Our premise is and has always been that we leave with nothing; that we can only do things while we are alive and that businessmen are creators of the wealth they temporarily manage.
Carlos Slim took some of these points from business lessons from his father, Julin Slim Haddad, who brought his son to work at a very young age and noted his unique interest in commerce.
Grupo Carso Plan 2012
Carso Group and its affiliate firms proudly announce to their clients, associates, partners, providers, friends and the general public that our total investment in 2012 year will account more than more than 60,250 million pesos in Mexico and create more than 100,000 direct and indirect job posts in the following economic sectors:
INFRASTRUCTURE
Telecommunications: In order to keep offering the most-advanced technology, capacity, speediness and service being supported by world-class & state-of-the-art infrastructure, we are already offering the mobile fourth generation, 4G; we are going to build 30,040 optic-fiber km in addition to the already functioning 122,200 km; our free Wi Fi access sites will amount more than 5,000 sites; Telmex digital libraries and classrooms will amount 4,300; a brand-new Datacenter will add to the existing ones to totalize 2,500 terabytes being guaranteed by ISO 9000 and 27000, SAS 70, 5-level ICREA, and more servers to offer high-tech applications and communication to small and medium-size firms without need of neither additional investment nor technical personnel. Likewise, our efforts to universalize high-speed connectivity at the best price, quality and service will continue, so giving high-speed access to small low-income communities.
Total investment: 32,500 million pesos.
Other infrastructure: We will continue to build the Atotonilco waste water-treatment plant, which is designed to treat 60% of Valley of Mexico’s waste water by primary and secondary treatment (12 m3 and 23m3, respectively). Secondary-treatment waste water will be used to both improving irrigation water for 100,000 hectare in Valle del Mezquital and to re-injecting Valle de Mexico’s groundwater to diminish overexploitation. By its capacity, 50 m3 per second during a 4-hour period, that plant will be the one-step built biggest one in the whole world.
We are going to build highway bypasses in Guadalajara, Tepic, Culiacan, and Mazatlan, and to extend and modernize Guadalajara-Tepic, Mazatlan-Culiacan, and Mitla-Tehuantepec highways. We are going to build the Periferico Sur-San Jeronimo-Viaducto Tlalpan elevated road and “El Rosario” multimodal road, both of them in Mexico City.
Total investment: 13,250 million pesos.
We will continue building real-estate developments, commercial malls, housing projects, office buildings, entertainment, healthcare, and educational facilities like Nuevo Veracruz, and Plaza Carso second step.
Total investment: 2,300 million pesos.
Industrial, mining, and commercial activities:
Total investment: 12,200 million pesos.
