Global Technologies Group, Inc. (GTGP)

[risingup58]

Good article (Montana Standard). May have seen this already, but I don't post much here.



May 09, 2012 6:52 am • By TIM TRAINOR Montana Standard



Global Technologies Group Inc., a Florida-based environmental technology company, has signed a letter of intent to purchase Butte's MSE Technology Applications Inc.

The company plans to invest substantial money into the Butte facility and quickly re-energize hiring at an organization that has suffered through substantial declines in employment and revenue since 2009. It employs 60 people - down from 175 in 2008.

Jim Kambich, president and chief executive of the Montana Economic Revitalization and Development Institute, which owns MSE, said the two sides have 90 days to hammer out a deal.

"We'd like to find an agreement," he said. "It would give us the opportunity to bring MSE back to national prominence."

Global Technologies Group Inc. founder and CEO James Fallacaro said he has worked with MSE for a number of years and was impressed with the company's staff and, in particular, its engineering department. The relationship started when he hired MSE to analyze soil samples for his remediation company, and it later expanded when Fallacaro purchased exclusive rights to other MSE technologies.

When he saw the company fall on hard times, the businessman of more than 30 years began to think about purchasing MSE.

"For a year I've been in discussion to buy the company," he said. "Now I have every intention of upgrading the technical aspects of that facility and bring it up to world-class standards."

He also wants to reach to the talent that was forced out of the fold during cutbacks and layoffs over the last three years.

"The way they were let go was not right, the way they were treated was not right," said Fallacaro. "The place had some very high-end talent and we've got to get that level of people back."

Fallacaro said he intends to increase employment at MSE "threefold over the next six to 12 months after closing."

He said his senior advisers will come to Butte to "take a look at all management" and see what changes need to be made in order to bring the company back to prominence.

"I can't fix what went on in the past, but I can fix the future," he said.

Northey Tretheway, who has led MSE since CEO Jeff Ruffner resigned in January, said the company has a good working relationship with Fallacaro and that he thinks new ownership and ideas will be good for both sides, and for the local economy.

"The intent is to have this work out for MSE and for Butte," said Tretheway. "Since the first of the year, it's been a challenge of events. I think the employees have stepped up and because of them we're looking at new business. We're working our tails off and something good will come from it, for them and for Butte."

Fallacaro got started as an investment banker in New York City and has led and sold multiple corporations in the finance and music industries since the 1980s. He thought he was out of the investment and labor-heavy industries, using mostly subcontractors in his work at Global Technologies Group Inc.

But then a new challenge came up.

"Here we are now doing a massive turnaround and restructuring," he said. "But I'm interested in technology, and I'm looking forward to this."

Fallacaro said he wants the company to start bidding and winning contracts for government projects it would not have tried for in the past, and for the company to reestablish a good rapport with the Department of Energy and Department of Defense.

He said he wants to build a relationship with both MSE employees and the city of Butte. He confirmed the company will retain its name; that he has no plans to resell the company nor are there any plans to relocate.

"It's going to stay in Butte," said Fallacaro. "It's not going to go anywhere now, not anytime in the foreseeable future."



http://billingsgazette.com/news/state-and-regional/montana/florida-company-in-line-to-buy-butte-s-mse-technology/article_7d52b7cd-5ddf-50d0-83dd-79f36a747e2f.html