Parker | July 20, 2022
Parker Hannifin Corporation (NYSE:PH) today welcomes the announcement from the UK’s Secretary of State for Business, Energy and Industrial Strategy that, following public consultation, he accepts the competition and national security undertakings provided by Parker in relation to the Meggitt acquisition and the transaction is therefore cleared to proceed by the UK Government. As previously announced on August 2, 2021, the boards of Meggitt and Parker reached agreement on the terms and conditions of a recommended all cash acquisition by Parker of the entire issued, and to be issued, ordinary share capital of Meggitt PLC (the “Acquisition”).
Parker also confirms that it has signed legally binding economic commitments with the UK Government. These commitments include maintaining the following, for five years after the closing of the Acquisition (“Undertaking Period”):
Meggitt’s headquarters and its aerospace and advanced materials center of excellence in Ansty Park, in Coventry, UK;
Meggitt’s key areas of existing operational capability in the UK;
R&D (including product engineering) and manufacturing labor headcount in the UK;
Meggitt’s sustainability targets of reducing net carbon emissions by 50 per cent, by 2025; and achieving net zero greenhouse gas emissions by 2050; and
Contractual obligations regarding supply of goods and services to HM Government.
Finally, as innovation is a key driving factor of success for both Meggitt and Parker, Parker has agreed to increase Meggitt’s R&D expenditure in the UK by at least 40 per cent, by the end of the Undertaking Period, and its UK apprenticeship opportunities by 20 per cent.
“We are pleased to have reached this important clearance milestone from the UK Secretary of State, We have also agreed to substantial legally binding commitments, which underscore our deep commitment to the UK. As we move closer to the completion of the acquisition and the combination of these two strong businesses, we look forward to welcoming the Meggitt team to Parker.”
-Tom Williams, Chairman and Chief Executive Officer, Parker.
The Acquisition remains subject to satisfaction or, where applicable, waiver of the conditions set out in the scheme circular published on August 16, 2021, including regulatory clearance and the sanction of the scheme of arrangement by the High Court of Justice in England and Wales pursuant to the UK Companies Act 2006. Parker continues to expect the Acquisition to close in Q3 2022.
Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 66 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index.
EMERGING TECHNOLOGY,GOVERNMENT BUSINESS
Baker Tilly US | August 29, 2022
The fast pace of change in local government – from towns to cities to counties – is not slowing down. To continue serving and improving communities, local leaders need trusted consultants to help navigate change. Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly) answers by acquiring Management Partners, effective Oct. 1.
This acquisition adds a unique and significant layer of experience to Baker Tilly’s robust public sector practice. Management Partners’ professionals are former local government leaders and managers stemming from all operational facets. They have nearly three decades of field-tested techniques and proven methodologies.
“Management Partners has something other consultants in local government don’t. They’ve been there and understand the challenges on a personal level, Coupling that level of client trust with Baker Tilly’s solutions and scale, we will help local governments keep up with change – and even stay ahead.”
-Vicki Hellenbrand, Baker Tilly managing partner and public sector practice leader.
Management Partners specializes in strategic planning, process improvement, organization analysis, financial analysis, executive recruitment, interim management, coaching, facilitation and training for local governments. Baker Tilly has been advising public sector organizations for 90 years, providing more than 3,100 governmental entities with financial, operational, risk, human capital, executive recruitment and compliance services.
“Helping make communities better is our passion, always has been, always will be, We needed to join with someone with that same passion. Baker Tilly has it, as well as the expanded capabilities and incredible talent to do more for our clients.”
-Jerry Newfarmer, President and CEO Management Partners.
About Baker Tilly US, LLP:
Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories, with 38,000 professionals and a combined worldwide revenue of $4.3 billion.
About Management Partners:
Management Partners is a local government consulting firm helping city, county and special district leaders improve their organizations and operations. We offer strategic planning, process improvement, organization analysis, financial analysis, executive recruitment, interim management, coaching, training and other services.
EMERGING TECHNOLOGY,GOVERNMENT BUSINESS
Webb Fontaine | July 28, 2022
Webb Fontaine, a leading provider of advanced and innovative trade and Customs services, has announced it's Customs Webb solution has been chosen by Benin as their new Customs system, in replacement of ASYCUDA World.
The project strengthens Webb Fontaine's long-standing partnership with Benin Government, who has ambitions to expand and develop into one of the region's most technologically advanced trade environments.
The project continues towards a fully integrated approach to trade, interconnecting all major trade platforms such as the Single Window, the Port Community System, the e-Tracking solution and now through Customs Webb the Customs System. As a central and critical part of the trade environment, it is crucial and urgent for Governments to operate modern and efficient Customs Systems.
"Customs Webb, Webb Fontaine's Customs system, based on artificial intelligence, was chosen by Benin to continue the modernization of customs and optimize the trade environment. Webb Fontaine's ability to provide cutting-edge technology and digital solutions is a guarantee of success. With this new system, the objective of the public authorities to make Benin an exemplary platform in the simplification and transparency of Customs clearance procedures has taken a major step forward. All economic players are supported by Customs as part of a successful partnership with the entire industrial, commercial and logistics community."
-Alain HINKATI, Director General of Customs, Benin
We are honoured to have been selected by Benin Customs for such an important project. The longevity of our partnership is a true testament to Benin's commitment to trade digitalization. Customs Webb is a powerful system that uses AI technology to fully digitise the entire clearance process. To implement Customs Webb will be a huge step forward in their mission and the impacts of such will be felt by the entire trade community. Samy Zayani, Chief Commercial Officer Webb Fontaine
For Webb Fontaine, a successful track record demonstrates its ability to use AI to facilitate trade, secure revenue and reduce clearance times and costly congestion while greatly improving trade governance.
About Webb Fontaine-
Webb Fontaine is an AI company re-shaping the future of trade through technology. Trusted by governments globally, Webb Fontaine provides industry wide solutions to accelerate trade development and modernization. The company uses unique technology including Artificial Intelligence to enable countries to emerge as leaders in the future of trade.