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.
3M | September 09, 2022
The 3M Health Information Systems (3M HIS) division has achieved fully authorized Federal Risk and Authorization Management Program (FedRAMP) status for its 3M RevCycle health services platform (RHSP). 3M HIS is the company's first division with a FedRAMP-approved product. With this designation, 3M RHSP is published on the FedRAMP marketplace, allowing federal entities to more easily contract and work with the company.
3M RHSP hosts and supports key operations offered by 3M HIS, including natural language processing (NLP) support for medical coding, clinical documentation integrity, clinician input and medical coding edits, self-service reporting, and evaluation and management. 3M RHSP utilizes robust statistical methodologies to create a comprehensive NLP platform that suggests medical codes, assists with medical terminology, and eases the provider front-end workflow.
"We duplicated our commercial Health Services Platform to operate through Amazon GovCloud to achieve a fully authorized FedRAMP status, I am extremely proud of our federal markets team for achieving a FedRAMP ATO (authority to operate), which provides our platform with enhanced visibility, opens the door for us to secure cloud-hosted contracts with federal organizations, and makes it easier for us to add more products and solutions that are cybersecure and government approved."
-Kim Aiello, director of federal market solutions, 3M HIS.
The federal government is one of the largest buyers of cloud technology, according to FedRAMP. Cloud service providers (CSPs) offer innovative products that can help federal agencies save time and resources while meeting their critical mission needs.
FedRAMP is a government-wide program that promotes the adoption of secure cloud services across the federal government by providing a standardized approach to security and risk assessment for cloud technologies and federal agencies.
For CSPs, FedRAMP provides a standardized security framework for all cloud products and services that is recognized by all executive branch federal agencies. CSPs only need to complete the FedRAMP Authorization process once for each cloud service offering and perform continuous monitoring, with all agencies reviewing the same continuous monitoring deliverables, creating efficiencies across the government.
3M ( NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet.
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.