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.
Satellogic | October 03, 2022
Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, announced today that it has reached a three-year agreement with the Government of Albania to develop a Dedicated Satellite Constellation. This unique program derives from Satellogic’s Constellation-as-a-Service model and will provide Albania with responsive satellite imagery capabilities across its sovereign territory.
Satellogic’s unique offering enables municipal, state, and national governments to manage a fleet of satellites over a specific area of interest and develop an EO imaging program at unmatched frequency, resolution, and cost. Satellogic will enable Albania to address pressing issues involving agriculture management, illegal crops, illegal construction activity, traffic management, wildfire monitoring, border security, and environmental monitoring through high-quality imagery with country-wide capacity at a cost-effective price point.
Albania will have priority access to two satellites, which will be named “Albania-1” and “Albania-2”, that are expected to join Satellogic’s fleet in its upcoming satellite launch with SpaceX.
“With the Dedicated Satellite Constellation, Satellogic will accelerate Albania’s participation in the New Space Economy. Additionally, these satellites will provide unprecedented, country-wide situational awareness via the best data from space, Albania is aiming to develop its involvement in the space community by leveraging the power of high-resolution satellite imagery, and we’re excited for the opportunity to support the country’s ambitions as well as its duties as a member of NATO.”
-Emiliano Kargieman, CEO and Co-Founder of Satellogic.
Through Satellogic’s cloud infrastructure, Albania will have access to responsive tasking, analysis, and dissemination of critical insights and information. Satellogic will facilitate training of remote-sensing specialists within the Albanian Government to assist in the analysis and dissemination of satellite-derived products to various ministries in the country and build the capacity of the Albanian space economy.
Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic (NASDAQ:SATL) is the first vertically integrated geospatial company, driving real outcomes with planetary-scale insights. Satellogic is creating and continuously enhancing the first scalable, fully automated EO platform with the ability to remap the entire planet at both high-frequency and high-resolution, providing accessible and affordable solutions for customers. Satellogic’s mission is to democratize access to geospatial data of high-resolution images and analytics through its information platform to help solve the world’s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic unlocks the power of EO to deliver high-quality, planetary insights at the lowest cost in the industry. With more than a decade of experience in space, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point.
Lunavi | September 08, 2022
Lunavi, a top provider of business technology consulting and managed IT services, has gained Criminal Justice Information Services (CJIS) compliance accreditation for customers in the State of Colorado across its hosted services including colocation data centers and private cloud platforms.
This independently certified compliance measure assures strict data security for law enforcement and similarly regulated government organizations whose technology services are hosted by Lunavi. After attaining accreditation in Colorado, additional certifications for clients in other states will be a simple process.
CJIS is a stringent and comprehensive cybersecurity standard. The Criminal Justice Information Services Division is the largest division of the Federal Bureau of Investigation and provides a centralized source of criminal justice data to various government agencies and authorized third parties. Any entity engaging with sensitive information from the US Justice Department is required to adhere to CJIS policies for networking, data encryption, and remote access, among other criteria.
"Achieving CJIS compliance is another example of the lengths Lunavi will go to satisfy client requirements as they change over time, In this case we had a SLED [State, Local, Education Industry] customer who was adding police and emergency response systems to a Lunavi private cloud. While we already offer strong security and compliance measures like HIPAA and SOC, we were happy to implement new audits, logging, and training to our existing access controls and incident response programs in order to meet CJIS standards."
-Bob Heskett, Director of Security and Compliance at Lunavi.
CJIS compliance is centered on the principal of least privilege or a "need-to-know, right-to-know" standard. These access controls, combined with logs, data management tools, encryption, and systems monitoring, allow Lunavi to help clients achieve CJIS compliance within their hosted information systems and prepare for a federal audit.
"Information Security continues to grow in importance as phishing, malware, ransomware, and other attacks proliferate, Government agencies are a prime target for attackers due to large quantities of personal data stored within IT systems. Lunavi is always seeking to improve our security standards, monitoring, and response methods. This CJIS compliance further cements our cybersecurity leadership and abilities."
-Cortney Thompson, CIO at Lunavi.
Lunavi, based in Cheyenne, WY, helps companies digitally transform their businesses and illuminate the path forward in IT modernization through the power of human ingenuity. Lunavi helps organizations in technology, energy, financial services, healthcare, education, government and others to develop business applications, solve traditional IT challenges, and extract ROI with comprehensive services in cloud migration, modern application development, and managed services. With locations throughout North America in Denver; Cheyenne, WY; Omaha, NE; Atlanta; Seattle, and Toronto, and its status as a Microsoft Azure Expert MSP, Lunavi delivers a remarkable customer experience to help navigate what's possible, what's next.