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On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

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Securities Law Exchange BlogSecurities Law Exchange blog offers insight on the latest legal and regulatory developments affecting publicly traded companies. It focuses on a wide variety of topics including regulation and reporting updates, public company advisory topics, IPO readiness and exchange updates including IPO announcements, M&A trends and deal news.

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GovCon Blog: DoD Report Highlights FY14 Spending Trends and Priorities in All 50 States

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November 2, 2015

Although federal government defense spending grew significantly from 2000 to 2010, spending by the Department of Defense (DoD) has been on the decline ever since. The recent cut in defense spending can be attributed to the troop drawdown in Iraq and Afghanistan, as well as the Budget Control Act of 2011. With defense spending expected to decline by 28% between 2011 and 2019, the potential effects will differ across states and counties. The Defense Spending by State Fiscal Year 2014 Report examines defense spending in 2014 at the state and local levels for all 50 states. The report breaks down the $418 billion spent on payroll and contracts in the United States, which was equivalent to approximately 2.4% of U.S. GDP, or $1,312 per U.S. resident, and offers a glimpse into where and in what type of work DoD is spending its resources.

In Tennessee, the DoD report indicates that Tennessee received $2.4 billion in 2014, accounting for 0.8% of the state's GDP, and $361 per person. The total amount puts Tennessee 36 out of 50 states, and less 1% of total U.S. defense spending. In addition, it represents the fifth consecutive year of a decrease in DoD contract spending in Tennessee. Top contractors in Tennessee for 2014 included Aerospace Testing Alliance, BAE Systems, and UT-Battelle, with contract spending focused on services (37%), supplies (29%), R&D (21%) and construction (14%). In addition, almost 40% of DoD spending on contracts and payroll is focused in three counties: Shelby County (Memphis) with $452.2 million, Coffee County (Tullahoma) with $321.4 million and Sullivan County (Kingsport) with $211.1 million. Thus, although Tennessee did not receive significant defense spending, certain counties seem to reap most of the benefits and are holding on to their share of the overall spending. Furthermore, it is important to note that the report only pertains to DoD spending and does not take into account Department of Energy spending that also benefits certain parts of Tennessee.

Read more about government contracts on www.bassberrygovcon.com.


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