María Amalia Lacroze de Fortabat
Encyclopedia
María Amalia Lacroze de Fortabat (born August 15, 1921) is a prominent Argentine executive and philanthropist.
' first tramway
line, in the 1880s. She married Hernán de Lafuente in 1941 whom she had a daughter, María Inés; however, the marriage ended in separation in 1943.
Amalia (as she is known) had met Alfredo Fortabat
, a divorced industralist, during a Teatro Colón function, and the two began a relationship. Planning to wed, they were impeded by Argentina's then-conservative nuptial laws, which precluded separated couples from remarrying. The marriage, which ultimately took place in neighboring Uruguay
, became recognized in Argentina following a reform signed into law by President Juan Perón
, in 1951. The two enjoyed a close marriage, and Mrs. Fortabat's gregariousness and knowledge of four foreign languages made her a timely traveling companion in the industrialist's frequent business trips abroad; the marriage did suffer from a number of publicised infidelities, however.
Founded by Alfredo Fortabat
in 1926, Loma Negra
became the leader in cement
and concrete
production in Argentina during the 1950s and '60s. The couple established the Amalia Lacroze de Fortabat Foundation, which has given more than $40 million to numerous charitable organizations throughout Argentina since 1971. The death of her husband in 1976 left Mrs. Fortabat as the company's nearly sole owner, President and Chairperson.
Loma Negra enhanced its market leadership position in subsequent years by the opening of an important, new facilities and the acquisition of a chief competitor, Cementos San Martín S.A. The business was enhanced further by her purchase of 65% in Ferrosur Roca
, a state-owned freight and passenger railway that became Loma Negra's in-house transport service when Economy Minister Domingo Cavallo
had it privatized in 1992. That year, Fortabat inaugurated the group's new headquarters in downtown
Buenos Aires.
The owner of various, valuable Buenos Aires
properties, as well as 40 estancia
s totaling 160,000 hectares (395 368.61 acres), Mrs. Fortabat also amassed an art collection reportedly valued at US$280 million (in 1999). Appointed President of the National Arts Fund in 1992, she purchased a Puerto Madero
lot in 1998 for the purpose creating an art museum (including most of her collection).
Complications from debts of US$270 million stemming from a national economic crisis around 2001 were reportedly compounded by Mrs. Fortabat's choice of her eldest grandson, Alejandro Bengolea, as Director in 2000. Bengolea was dismissed in 2002, and her own, advanced age prompted the grande dame of Argentine industry to sell her 80% stake in Loma Negra. The company was thus transferred to Brazilian conglomerate Camargo Correa in May 2005, for just over US$1 billion.
Mrs. Fortabat, whose estimated net worth of US$2 billion makes her Argentina's wealthiest woman, still serves as Chairperson of Loma Negra Compania Industrial Argentina S.A., and has been Member of the Latin American Advisory Board of Deutsche Bank AG since January 2008. The Fortabat Art Collection
, her Buenos Aires museum, was inaugurated in October 2008.
Life and times
María Amalia Lacroze de Fortabat was born in 1921 to a prominent Argentine family; a grandfather, Federico Lacroze, developed Buenos AiresBuenos Aires
Buenos Aires is the capital and largest city of Argentina, and the second-largest metropolitan area in South America, after São Paulo. It is located on the western shore of the estuary of the Río de la Plata, on the southeastern coast of the South American continent...
' first tramway
Tram
A tram is a passenger rail vehicle which runs on tracks along public urban streets and also sometimes on separate rights of way. It may also run between cities and/or towns , and/or partially grade separated even in the cities...
line, in the 1880s. She married Hernán de Lafuente in 1941 whom she had a daughter, María Inés; however, the marriage ended in separation in 1943.
Amalia (as she is known) had met Alfredo Fortabat
Alfredo Fortabat
Alfredo Fortabat was a prominent Argentine industrialist.-Life and times:Alfredo Fortabat was born in Azul, a small city in Buenos Aires Province, in 1894; his parents, Helen Pourtal and Lucien Fortabat, were recently-arrived French Argentines...
, a divorced industralist, during a Teatro Colón function, and the two began a relationship. Planning to wed, they were impeded by Argentina's then-conservative nuptial laws, which precluded separated couples from remarrying. The marriage, which ultimately took place in neighboring Uruguay
Uruguay
Uruguay ,officially the Oriental Republic of Uruguay,sometimes the Eastern Republic of Uruguay; ) is a country in the southeastern part of South America. It is home to some 3.5 million people, of whom 1.8 million live in the capital Montevideo and its metropolitan area...
, became recognized in Argentina following a reform signed into law by President Juan Perón
Juan Perón
Juan Domingo Perón was an Argentine military officer, and politician. Perón was three times elected as President of Argentina though he only managed to serve one full term, after serving in several government positions, including the Secretary of Labor and the Vice Presidency...
, in 1951. The two enjoyed a close marriage, and Mrs. Fortabat's gregariousness and knowledge of four foreign languages made her a timely traveling companion in the industrialist's frequent business trips abroad; the marriage did suffer from a number of publicised infidelities, however.
Founded by Alfredo Fortabat
Alfredo Fortabat
Alfredo Fortabat was a prominent Argentine industrialist.-Life and times:Alfredo Fortabat was born in Azul, a small city in Buenos Aires Province, in 1894; his parents, Helen Pourtal and Lucien Fortabat, were recently-arrived French Argentines...
in 1926, Loma Negra
Loma Negra
Loma Negra Companía Industrial Argentina S.A. is an Argentine manufacturer and the country's leading maker of cement, concrete, and lime.-History:...
became the leader in cement
Cement
In the most general sense of the word, a cement is a binder, a substance that sets and hardens independently, and can bind other materials together. The word "cement" traces to the Romans, who used the term opus caementicium to describe masonry resembling modern concrete that was made from crushed...
and concrete
Concrete
Concrete is a composite construction material, composed of cement and other cementitious materials such as fly ash and slag cement, aggregate , water and chemical admixtures.The word concrete comes from the Latin word...
production in Argentina during the 1950s and '60s. The couple established the Amalia Lacroze de Fortabat Foundation, which has given more than $40 million to numerous charitable organizations throughout Argentina since 1971. The death of her husband in 1976 left Mrs. Fortabat as the company's nearly sole owner, President and Chairperson.
Loma Negra enhanced its market leadership position in subsequent years by the opening of an important, new facilities and the acquisition of a chief competitor, Cementos San Martín S.A. The business was enhanced further by her purchase of 65% in Ferrosur Roca
Ferrosur Roca
Ferrosur Roca S.A. is a private company which, in December1992, was awarded a concession, granted by the Argentine government, for the operation of freight services over part of the broad gauge rail network built by the British-owned company Buenos Aires Great Southern Railway and run by the...
, a state-owned freight and passenger railway that became Loma Negra's in-house transport service when Economy Minister Domingo Cavallo
Domingo Cavallo
Domingo Felipe "Mingo" Cavallo is an Argentine economist and politician. He has a long history of public service and is known for implementing the Convertibilidad plan, which fixed the dollar-peso exchange rate at 1:1 between 1991 and 2001, which brought the Argentine inflation rate down from over...
had it privatized in 1992. That year, Fortabat inaugurated the group's new headquarters in downtown
San Nicolás, Buenos Aires
San Nicolás is one of the neighbourhoods of the city of Buenos Aires, Argentina, sharing most of the city and national government structure with neighboring Montserrat and home to much of Buenos Aires' financial sector...
Buenos Aires.
The owner of various, valuable Buenos Aires
Buenos Aires
Buenos Aires is the capital and largest city of Argentina, and the second-largest metropolitan area in South America, after São Paulo. It is located on the western shore of the estuary of the Río de la Plata, on the southeastern coast of the South American continent...
properties, as well as 40 estancia
Estância
Estância is a municipality located in the Brazilian state of Sergipe. Its population was 62,218 and its area is 642 km². The city is the seat of the Roman Catholic Diocese of Estância....
s totaling 160,000 hectares (395 368.61 acres), Mrs. Fortabat also amassed an art collection reportedly valued at US$280 million (in 1999). Appointed President of the National Arts Fund in 1992, she purchased a Puerto Madero
Puerto Madero
Puerto Madero, also known within the urban planning community as the Puerto Madero Waterfront, is a barrio of the Argentine capital at Buenos Aires CBD, occupying a significant portion of the Río de la Plata riverbank and representing the latest architectural trends in the city of Buenos...
lot in 1998 for the purpose creating an art museum (including most of her collection).
Complications from debts of US$270 million stemming from a national economic crisis around 2001 were reportedly compounded by Mrs. Fortabat's choice of her eldest grandson, Alejandro Bengolea, as Director in 2000. Bengolea was dismissed in 2002, and her own, advanced age prompted the grande dame of Argentine industry to sell her 80% stake in Loma Negra. The company was thus transferred to Brazilian conglomerate Camargo Correa in May 2005, for just over US$1 billion.
Mrs. Fortabat, whose estimated net worth of US$2 billion makes her Argentina's wealthiest woman, still serves as Chairperson of Loma Negra Compania Industrial Argentina S.A., and has been Member of the Latin American Advisory Board of Deutsche Bank AG since January 2008. The Fortabat Art Collection
Fortabat Art Collection
The Amalia Lacroze de Fortabat Art Collection is a museum of fine arts in Buenos Aires, Argentina.-Overview:The museum was initiated by María Amalia Lacroze de Fortabat, the longtime Chairperson and chief stockholder of Loma Negra, the largest cement manufacturer in Argentina...
, her Buenos Aires museum, was inaugurated in October 2008.