GTECH Being Sold (official)

[basachs 0]

GTECH bought by Lottomatica...

http://www.beloblog.com/ProJo_Blogs/9to5/#009913

[runawayjim 0]

GTECH bought by Lottomatica...

http://www.beloblog.com/ProJo_Blogs/9to5/#009913

is this good or bad for gtech and RI?

[AriPVD 0]

As long as the maintain their HQs and workforce in PVD, I don't think it's a bad thing. Should their new parent decide that Rhode Island is not the best climate for their business, then we have a problem.

[KBagley 0]

As long as the maintain their HQs and workforce in PVD, I don't think it's a bad thing. Should their new parent decide that Rhode Island is not the best climate for their business, then we have a problem.

If you notice in the article that PROJO just posted, it appears that even though Lottomattica is the purchaser, and GTECH will be a subsidiary, the CEO and CFO of GTECH are becoming the CEO and CFO of Lottomatica, so essentially, GTECH is still, in some weird way, in control....

[runawayjim 0]

If you notice in the article that PROJO just posted, it appears that even though Lottomattica is the purchaser, and GTECH will be a subsidiary, the CEO and CFO of GTECH are becoming the CEO and CFO of Lottomatica, so essentially, GTECH is still, in some weird way, in control....

that's kind of a bizarre deal they got there.

[provid 0]

http://www.projo.com/digitalbulletin/conte...h.632c8369.html

[MikeR 0]

that's kind of a bizarre deal they got there.

GTech's board of directors will make millions on stock options, no doubt...

[mental757 0]

it appears they will stay put in RI/PVD (for now). I don't like the fact that ownership (of yet another US company) went oversees...

Maybe this will boost PVD-Italy air traffic demand?

[CtownMikey 1]

sorry for my post in the other section Cotuit..

what I said there was... doesn't this compare to Citizens being owned by RBS??

[Cotuit 1]

It almost sounds like GTECH will in effect run Lottomatica. Which I guess makes somesort of sense, since being the worlds largest proucer of lottery/gaming equipment, one would assume that GTECH is considerably larger than Lottomatica.

I'm just glad they weren't sold to Harrah's and we won't have to see a Harrah's logo in the GTECH tower.

[Cotuit 1]

Press release from the Mayor's office:

Date: January 10th, 2006

For Immediate Release

Contact: Karen Southern, Press Secretary {sodEmoji.{sodEmoji.|}} (401) 421-2489 x 752 {sodEmoji.{sodEmoji.|}} [email protected]

PRESS RELEASE

Mayor David N. Cicilline

[CtownMikey 1]

Arlene Violet on WPRO had an interview with some guy today.. I think he was affiliated with GTECH.

Anyways.. this deal was called 'very rare and unique' because it was a cash purchase and the GTECH management was basically not affected.. which will only make GTECH grow. Also, I can't think of the exact wording... but during the meeting with the Milan company... Providence and R.I. seemed to not be affected negatively at all. Basically we should just view this as Gtech acquiring this company instead of the other way around.

[billypc99 0]

There is no need to worry too much about this one. The parent company is taking over in a gentle way so that they do not impede the sucessful growth GTECH has enjoyed over the past decade.

[mr2448 0]

it appears they will stay put in RI/PVD (for now). I don't like the fact that ownership (of yet another US company) went oversees...

Maybe this will boost PVD-Italy air traffic demand?

yes, through Logan. Just like Toray to Japan.

Mark

[Cotuit 1]

Expanded article about GTECH acquisition

[CtownMikey 1]

1. Hats off to the Gtech management.

2. I had no idea it was 700 new downtown employees.. thought it was between 4 and 5 hundred. so thats cool.

[mental757 0]

yes, through Logan. Just like Toray to Japan.

Mark

That makes little sense since you have to connect to both Rome and Japan from BOS just as PVD does. Milan is the exception, as BOS has the 1 nonstop flight 6 days a week.

From PVD, you can hop down to Newark, Philly, or Dulles and be in Rome. A stop in Detroit, O'Hare, or Minny will easily get you to Japan

[mr2448 0]

That makes little sense since you have to connect to both Rome and Japan from BOS just as PVD does. Milan is the exception, as BOS has the 1 nonstop flight 6 days a week.

From PVD, you can hop down to Newark, Philly, or Dulles and be in Rome. A stop in Detroit, O'Hare, or Minny will easily get you to Japan

More choices of flights and sometimes lower fares. I think Air Italia has n/s seasonal service to Rome from Logan.

Believe me I hope I am wrong. But, our location close to an international airport hurts out foreign traffic. You could also use Air Canada for service, but they are now down to one flight a day this winter.

Mark

[mental757 0]

More choices of flights and sometimes lower fares. I think Air Italia has n/s seasonal service to Rome from Logan.

Believe me I hope I am wrong. But, our location close to an international airport hurts out foreign traffic. You could also use Air Canada for service, but they are now down to one flight a day this winter.

Mark

I saw that too. The second flight came back this past week - seems it was only gone for 3 weeks. While I completely agree with the situation you presented regarding Logan and international traffic, believe me when I say that things like the G-Tech situation will provide a small increase in PVD-Italy traffic as some of the business travel will avoid BOS regardless of fare. The thing about internatinal traffic is unless you have a nonstop, there isn't much more choice from anywhere - it's connect in NYC or WASH, etc...

[eltron 0]

Here's some good Gtech publicity

Bailey from the Boston Globe