Albuquerque-based engineering company Fiore Industries Inc. not only made the cut for this year’s List of Top 100 Private Companies — it’s one of five finalists for Company of the Year.
To determine the finalists, we used five metrics: New Mexico revenue growth year over year, company-wide revenue growth year over year, employee growth as a percentage year over year, philanthropic donations as a percentage of total revenue and employee volunteer hours as a percentage of total employee count.
Fiore provides an array of services, including protection, engineering, testing and cybersecurity, according to its website. CEO Bill Miera said the way in which the firm treats its customers and pursues professional relationships has allowed it to remain successful.
"There is no shortcut to that," Miera said. He recounted the story of a client, whose name he would not disclose, who was having trouble finding funding for a project. So Miera let the client use Fiore’s equipment to jump start it. That client has now become a longstanding customer, according to Miera.
"It’s [this method of relationship building] one of the things I very consciously brought to the company," Miera said.
Since its founding 29 years ago, Fiore has landed various contracts with several prominent organizations, including NASA, the U.S. Department of Defense and Sierra County’s Spaceport America, which is currently relying on Fiore for its facility operations, including having armed guards and firefighters on the premises.
According to the List of the Top Hispanic-Owned Businesses in the state, Fiore Industries raked in $2.7 million in New Mexico revenue in 2016. Miera said that overall, Fiore, which has five different locations in several states, brought in around $15 million in revenues in 2017 and has 2018 projections of about $17 million.
The firm is also pursuing various technologies.
One of those efforts has come in the form of a device that will allow the shut-down of vehicles by way of electromagnetic waves. The patented project is currently awaiting funding for testing on different vehicles, and the Los Angeles County Sheriff’s Departmenthas expressed interest in the product, Miera said.
"Staying on the leading edge of technology …, that’s been a big key for us," Miera said. He is also building a device that uses electromagnetic waves to stimulate algae growth, which could be helpful in reducing the cost of certain drugs and aiding biofuel production.
Fiore will soon begin work for Tennessee’s Arnold Air Force Base and is also pursuing contracts with NASA and the U.S. Department of Defense, according to Miera.
Philanthropy has been another focus for Miera, who feels an obligation to give back to the community.
"I put my money where my mouth is," Miera said. He is on the board of several nonprofits and has given educational talks to students in Albuquerque. He also said that many of his employees engage in philanthropic events as well.
And though these efforts are aimed at New Mexico, he said that most of his business is out-of-state, largely because of a lack of funding.
"It [funding] doesn’t even compare to other states," Miera said. But he’s chosen to keep operations based out of The Land of Enchantment due to his family’s longstanding ties to the region and desire to help.