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Savia Snapshot
Savia is a hybrid, but is having trouble taking root. The company was formed from the merger between Empresas La Moderna (ELM), an agro-biotechnology firm, and Seguros Comercial América, a Mexican insurance and nonbanking financial services firm. Savia subsidiary Bionova, genetically engineers fruits and vegetables and distributes produce in North America. Its other subsidiary, Desarrollo Inmobiliario Omega, develops real estate in Monterrey, Mexico. In 2003 Savia sold its interest in seed giant Seminis to private equity firm Fox Paine. Savia is a part of Mexican industrial conglomerate Grupo Pulsar. Chairman and CEO Garza owns 54% of Savia.
