| María Amalia Lacroze de Fortabat | |
|---|---|
Portrait of Amalia Lacroze de Fortabat, by Andy Warhol. |
|
| Born | 21 August 1921 Buenos Aires City, Argentina |
| Residence | New York City, New York |
| Occupation | Collecting and Businessperson |
| Net worth | US$1.8 billion (2010) |
| Spouse | Hernán de Lafuente Alfredo Fortabat |
| Children | Inés de Lafuente |
María Amalia Lacroze de Fortabat (born August 15, 1921) is a prominent Argentine executive and philanthropist.
María Amalia Lacroze de Fortabat was born in 1921 to a prominent Argentine family; a grandfather, Federico Lacroze, developed Buenos Aires' 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.[1]
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.[1]
Founded by Alfredo Fortabat in 1926, Loma Negra became the leader in cement and concrete production in Argentina during the 1950s and '60s.[2] The couple established the Amalia Lacroze de Fortabat Foundation, which has given more than $40 million to numerous charitable organizations throughout Argentina since 1971.[3] 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.[2] 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.[4] That year, Fortabat inaugurated the group's new headquarters in downtown Buenos Aires.[2]
The owner of various, valuable Buenos Aires properties, as well as 40 estancias totaling 160,000 hectares (395 368.61 acres), Mrs. Fortabat also amassed an art collection reportedly valued at US$280 million (in 1999).[1] 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).[4]
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.[4]
Mrs. Fortabat, whose estimated net worth of US$2 billion makes her Argentina's wealthiest woman,[4] 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.[3] The Fortabat Art Collection, her Buenos Aires museum, was inaugurated in October 2008.[5]