GOVERNMENT BUSINESS

Parker Confirms UK Government’s Approval of the Meggitt Acquisition

Parker | July 20, 2022 | Read time : 02:25 min

Parker Confirms news
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.

About Parker-
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.

Spotlight

In today's global economy, trade among international countries is common place. People buy and sell goods from all over the world, affecting the United States' economy and trade.

Spotlight

In today's global economy, trade among international countries is common place. People buy and sell goods from all over the world, affecting the United States' economy and trade.

Related News

EMERGING TECHNOLOGY, GOVERNMENT BUSINESS

Esri Partners with Federal Government and State of California to Tackle Climate Change, Improve Resilience

Esri | September 20, 2022

Esri, the global leader in GIS and location intelligence, has partnered with agencies in the federal government and the state of California to build comprehensive and interactive climate data portals and targeted applications to better respond to climate hazards and conservation opportunities. Agencies have used GIS technology for decades to record and track authoritative data on a range of topics that can provide critical insights into complex challenges such as climate change. “Responding to climate change effectively requires a whole of government approach, By harnessing the vast data resources of federal agencies, we’re providing local communities with the information they need to make impactful, equitable decisions that will improve the lives of their citizens.” -David J Hayes, special assistant to the President for climate policy at the White House. This past week, Esri partnered with the Biden-Harris Administration, Department of Commerce’s National Oceanic and Atmospheric Administration (NOAA), and the Department of the Interior (DOI), to jointly launch the Climate Mapping for Resilience and Adaptation (CMRA) portal. This new website helps organizations plan and implement climate resiliency actions by using a new screening tool that assesses the vulnerability of counties, census tracts and tribal lands. The location-based tool can be used to evaluate projects based on exposure to climate-related hazards now and in the future and can strengthen proposals for federal funding. In July, Esri partnered with NOAA and the Biden Administration through the interagency National Integrated Heat Health Information System (NIHHIS) to launch Heat.gov. Heat.gov offers maps, data and guidance that inform operational decisions by communities on a daily basis related to heat health and its impacts. Communities can also use current and forecasted data to plan equitable mitigation measures in anticipation of future heat events, such as where to plant more trees to improve shade in urban areas. The site seamlessly integrates heat information from across federal agencies, including heat forecasts from National Oceanic and Atmospheric Administration’s (NOAA) National Weather Service, the new national Climate and Health Outlook developed by the Department of Health and Human Services, the CDC’s Heat and Health Tracker, as well as heat planning and preparedness guides. In April of 2022, Esri partnered with the California Natural Resources Agency to build CA Nature in support of Governor Newsom’s vision to conserve 30 percent of the state’s land and coastal water by 2030 to fight species loss and ecosystem destruction. CA Nature provides publicly available interactive mapping and visualization tools to identify conservation opportunities and track progress against the 30x30 goal. Powered by Esri’s ArcGIS, CA Nature explains the 30x30 mission, visualizes biodiversity throughout the state, and catalogs protected lands. “Together, these efforts reflect the will and desire of governments at all levels to use maps and data to empower communities to effectively meet our most pressing climate challenges, We are encouraged that governments are embracing the power of maps and GIS to better understand climate impacts and how to plan and build for a more resilient and sustainable future.” -Jack Dangermond president Esri. About Esri: Esri, the global market leader in geographic information system (GIS) software, location intelligence, and mapping, helps customers unlock the full potential of data to improve operational and business results. Founded in 1969 in Redlands, California, USA, Esri software is deployed in more than 350,000 organizations globally and in over 200,000 institutions in the Americas, Asia and the Pacific, Europe, Africa, and the Middle East, including Fortune 500 companies, government agencies, nonprofits, and universities. Esri has regional offices, international distributors, and partners providing local support in over 100 countries on six continents. With its pioneering commitment to geospatial information technology, Esri engineers the most innovative solutions for digital transformation, the Internet of Things (IoT), and advanced analytics.

Read More

EMERGING TECHNOLOGY

Carahsoft Announces FedRAMP-Compliant Adobe Acrobat Sign for Government, Enabled by Okta

Carahsoft | October 14, 2022

Carahsoft Technology Corp., The Trusted Government IT Solutions Provider®, today announced the availability of the Okta-powered Adobe Acrobat Sign for Government. Adobe Acrobat Sign for Government enables government agencies to transform inefficient, outdated paper workflows into a modern process using digital forms that make signing and approvals easy, secure and legal. The Okta Identity Platform brings ease of integration for technology teams and simplifies users’ experience while ensuring their safe connection to the service. In addition, Okta’s Regulated Moderate Cloud has enabled Adobe to achieve FedRAMP Moderate authorization for Adobe Acrobat Sign for Government. E-signatures have helped to improve efficiencies in government for years. With FedRAMP authorization, Adobe Acrobat Sign for Government can now be used to support Federal mission-critical services like emergency management and social services as well as mission support services such as procurement and human resources. This product is ideally suited for situations where the loss of confidentiality, integrity and availability would have adverse effects on an agency’s operations, such as cyber health or digital services. “Okta is committed to help government technology teams modernize and secure their operations using Okta’s leading identity platform. Our collaboration with Adobe is designed to streamline Federal e-signature services, starting with a safe and smooth connection for all users, in line with the Government’s security requirements.” -Katy Mann, Vice President, Federal, Okta. As we were expanding our offerings to service our growing government customer base, we realized that we needed to be FedRAMP-compliant if we wanted to continue to be a top choice for our government customers, said Brendan Curley, VP of Public Sector Sales, Digital Media, U.S, Adobe. To provide our customers with a modern, centralized, secure and FedRAMP-compliant solution, we turned to Okta, a leader in identity authentication. “Adobe Acrobat Sign for Government is a major advantage for government agencies to improve and modernize digital experiences for their citizens, We look forward to providing the FedRAMP-authorized solution through our reseller partners to simplify and advance digital processes for the Government and its constituents.” -Cortney Steiner, Vice President who leads the Adobe Team at Carahsoft. About Carahsoft: Carahsoft Technology Corp. is The Trusted Government IT Solutions Provider®, supporting Public Sector organizations across Federal, State and Local Government agencies and Education and Healthcare markets. As the Master Government Aggregator® for our vendor partners, we deliver solutions for Customer Experience, Cybersecurity, MultiCloud, DevSecOps, Big Data, Artificial Intelligence, Open Source and more. Working with resellers, systems integrators and consultants, our sales and marketing teams provide industry leading IT products, services and training through hundreds of contract vehicles. About Okta: Okta is the leading independent identity provider. The Okta Identity Cloud enables organizations to securely connect the right people to the right technologies at the right time. With more than 7,000 pre-built integrations to applications and infrastructure providers, Okta provides simple and secure access to people and organizations everywhere, giving them the confidence to reach their full potential. More than 16,400 organizations, including JetBlue, Nordstrom, Siemens, Slack, Takeda, and Teach for America, trust Okta to help protect the identities of their workforces and customers.

Read More

EMERGING TECHNOLOGY, GOVERNMENT BUSINESS, CYBERSECURITY

Electrosoft Awarded $11.7M GSA Contract to Improve Identity, Credential and Access Management (ICAM) Governance and Solutions

Electrosoft | September 19, 2022

Electrosoft Services, Inc., an award-winning federal IT and professional services firm specializing in cybersecurity, announced today it has been awarded an $11.7 million prime contract from the General Services Administration (GSA) Office of Government-wide Policy (OGP), Identity Assurance and Trusted Access Division (IATAD). The IATAD coordinates the government-wide civilian agency execution of ICAM policies and standards to align with the Federal ICAM (FICAM) Architecture. Electrosoft will support IATAD programs to assure the availability of a consistent and effective set of ICAM policies, standards and governance practices and compliant, interoperable and secure ICAM products and solutions in the marketplace. Under the newly awarded Federal Public Key Infrastructure (FPKI) Subject Matter Expert (SME) Support Services contract, Electrosoft will assist IATAD with development, management and execution of the division's responsibilities from an innovative and strategic perspective, including: FPKI policy and operational governance including support to the FPKI Policy Authority (FPKIPA) and associated working groups; Strategy development for test and evaluation of shared ICAM solutions under the FIPS 201 Evaluation Program, including operating the Physical Access Control Systems (PACS) test laboratory; and Guidance and playbook creation based on the FICAM Architecture and identity management policies, standards and initiatives. "GSA leads the field in delivering government-wide trust services and ICAM solutions that enable agencies to better achieve their mission goals, Under this contract, Electrosoft will leverage more than 16 years of FPKI and ICAM thought leadership to provide the GSA OGP IATAD with support and subject matter expertise to meet their mission objectives." -Dr. Sarbari Gupta, Electrosoft CEO. About Electrosoft: Electrosoft delivers comprehensive technology-based solutions and services that propel mission success for federal government customers. Specializing in cybersecurity, Electrosoft supports civilian and defense organizations in advancing cybersecurity postures, modernizing technology ecosystems and adopting agile approaches to improve operational efficiency and security. Recognized for deep domain knowledge and mature management practices, the company is rated at Maturity Level 3 for CMMI-DEV and CMMI-SVC and is certified under ISO 9001, ISO 20000-1 and ISO 27001. The rapidly growing 8(a), economically disadvantaged, women-owned small business (EDWOSB) and WOSB is headquartered in Reston, Virginia.

Read More