Werthein Group

From Wikipedia, the free encyclopedia
Werthein Group
IndustryInvestments
Founded1928
HeadquartersBuenos Aires, Argentina
SubsidiariesVrio Corp.
Websitewww.werthein.com.ar

Grupo Werthein (Werthein Group) is a holding company based in Argentina. It is owned and controlled by the Werthein family. Its activities began more than 100 years ago in the agribusiness sector. More than a century later, the Group has expanded its activities operating in areas such as consumer goods, telecommunications, financial services, vineyards, energy and oil.

History[]

León Werthein emigrated from Bassarabia in 1904 and arrived in Argentina, after coping with difficulties in the Russian Empire. The family established its home in a ranch of Miguel Riglos (La Pampa), and founded 'El Hebreo', a general store which would be the first company owned by the group.

Founders[]

Main article: Werthein family

León's sons, Gregorio, Numo and Noel, founded in 1928 Gregorio, Numo y Noel Werthein (GNNW), the group's flagship company. The youngest of the brothers, Julio Werthein, started a successful career in the financial market. The company took the Banco Mercantil Argentino en 1963. Leo, elder Noel's son, had an outstanding role on the development of cattle and cow genetics in Argentina.

Daniel Werthein[]

Daniel Werthein is the current president of Grupo Werthein, with over 40 years of experience in the management of agribusiness unit of Los W. He is president of Los W and GNNW, and board member of W de Argentina Inversiones. Daniel is currently a member of the board of directors at the Argentine Angus Breeders Association. He is a former board member and treasurer of Hereford Breeders Association of Argentina, and a former vice chairman of the DAIA Foundation. Daniel is a veterinarian from Universidad de Buenos Aires.

Adrián Werthein[]

Together with Gerardo Werthein, Adrián Werthein led Telecom Argentina's debt restructuring process (approximately US$ 4.000.000.000). Currently, he is president of La Caja de Ahorro Holding, vice president of Sofora Telecomunicaciones, Telecom Personal, GNNW and Los W. He is the president of INEBA Foundation, former president of the Argentina-Israel Chamber of Commerce and former board member of Visa Argentina. Adrian has a degree in public accounting from Universidad de Buenos Aires.

Gerardo Werthein[]

Gerardo Werthein at the 2018 Summer Youth Olympics.

Gerardo Werthein was a director of Grupo Werthein, with over 35 years' experience in this position. He was president of La Caja de Seguros, W de Argentina Inversiones, vice president of Telecom Argentina, La Estrella, and board member of Sofora Telecomunicaciones, Telecom Personal, and Los W. He is president of Argentine Olympic Committee[1] and member of the International Olympic Committee. Gerardo is a veterinarian from Universidad de Buenos Aires.

Darío Werthein[]

Darío Werthein is the director of the Grupo with over 17 years' experience in the company's management. He held previous positions as an associate at Barclays Bank (London), vice president of Ecoban Finance Ltd. (New York City) and was advisor to the Secretary of Industry of Argentina. Currently, he is president of Cachay S.A. and Bodega Riglos, Vice President of La Caja ART, and board Member at Telecom Personal, Nucleo (Paraguay), La Caja de Ahorro y Seguro, GNNW and Los W. He is secretary of World ORT, a member of the Executive Committee of the American Jewish Joint Distribution Committee and former chairman of the Tzedaká Foundation. Dario has an MBA from Fordham University (Beta Gama Sigma Society) and a bachelor of business administration from Universidad de Buenos Aires.

Company[]

Activities[]

  • Telecommunications: Until 2017,[2] the group was shareholder, originally along with Telecom Italia, of Sofora Telecomunicaciones S.A., which controlled Telecom Argentina.[3]
  • Agribusiness: The industry where Grupo Werthein both originated and began its consolidation process. They are involved in various businesses related to this activity: livestock genetics and meat production, commodity production, specialty crops and dried fruit. High-pedigree animals of Argentina - as Aberdeen Angus, Hereford, Braford and Brangus - are raised in their establishments. Grupo Werthein produces wheat, soybeans and corn (among others). Part of those commodities is industrialized in the plant located in Lima, Buenos Aires, and exported to global markets. In the fruit and vegetable market, they are engaged in processing and marketing of fruit derivatives, mainly apple. Their establishment is based in the Valley of Río Negro.
  • Consumer goods: The group sells tea brands Cachamai[4] and Té José and flavoured yerba mate Cachamate. Besides supplying the domestic market, the company exports to France, Spain, Japan, England, Saudi Arabia, Brazil and the United States, among other destinations.
  • Insurance: By means of its participation in Caja de Ahorro y Seguro S.A., the group has more than 20 years of experience in the market. The company controls, among others, La Caja de Seguros S.A. and La Caja de Seguros de Retiro S.A.[5] and owns 50% of La Caja Aseguradora Riesgos del Trabajo S.A.[6] and La Estrella S.A. Compañía de Seguros de Retiro. It also has a minority stake in the Argentina subsidiary of Europ Assistance.
  • Financial services: For 35 years it owned Banco Mercantil Argentino, which once had more than 60 branches nationwide. It also participated with the Standard Bank of South Africa in the acquisition of BankBoston Argentina (2007). The bank changed its name to Standard Bank until it was sold in 2011 to the Industrial and Commercial Bank of China. During the 1990s it was part of the Citicorp Equity Investments, which conducted numerous transactions in various sectors of the economy.
  • Oil: Since 2006 the group has a joint venture together with Petrosiel (Sielecki family) and Energial for oil exploration in a 2,000 km² area of Salina Grande I in La Pampa. Their total reserves reach about 6.2 million barrels.
  • Real estate: Through its companies, Grupo Werthein has built over 330,000 m² in different facilitites (Torres Figueroa Alcorta, Altos Porteños, Barrio La Damasia in San Fernando and Libertador and Paroissien in Núñez).
  • Wines: Dario Werthein is president of Bodega Riglos,[7] whose vineyards - located in Alto Valle de Uco - produce quality wines in the varieties Malbec, Cabernet Sauvignon, Cabernet Franc and Corte. Sophenia is a wine cellar with over 130 hectares of vines, in Tupungato, Mendoza. Their wines began trading in 2004 and are sold in 30 countries.
  • Horse breeding and sports: Located at Capilla del Señor, Haras El Capricho was established in 1999 and has since conducted the international equestrian competition CSIO-W (horse jumping) for which renowned riders from all over the world have travelled to Argentina. Its president is Gerardo Werthein.

Investments, acquisitions and participations[]

Social responsibility[]

Grupo Werthein works in various social responsibility actions aimed at reducing the social gap[9] and shorten distances by means of educational, inclusive, technological, environmental and sport activities.

The Wertheins have been carrying out social action initiatives related to the development of the community in which they are embedded.

References[]

  1. ^ Board of Argentine Olympic Committee (in Spanish)
  2. ^ "BNamericas - What does the DirecTV acquisition mean for W".
  3. ^ Telecom Argentina (in Spanish)
  4. ^ Cachamai (in Spanish)
  5. ^ La Caja Seguros de Retiro (in Spanish)
  6. ^ La Caja ART (in Spanish)
  7. ^ Bodega Riglos
  8. ^ 'Grupo Werthein to have its own winery', Confederaciones Rurales Argentinas (in Spanish)
  9. ^ 'In favour of Social Responsibility Ecosystem', Observatorio de Responsabilidad Social, 30 October 2013 (in Spanish)
  10. ^ List of presidents of Buenos Aires Stock Exchange (in Spanish)
  11. ^ a b List of authorities of Tzedaká Foundation (in Spanish)
  12. ^ List of authorities of INEBA Foundation (in Spanish)
  13. ^ Members list of IOC
  14. ^ Officers and Board Members of JDC

External links[]

Retrieved from ""