Place the egg whites in the mixing bowl of a stand mixer fitted with a wire whisk attachment.
In a pot combine the water and sugar, stir constantly over medium heat until the sugar is dissolved. Continue to heat, without stirring, until the sugar mixture reaches 240°F. When the sugar mixture reaches 230°F begin beating the egg whites, start slow to build up small bubbles then increase speed and beat to soft peaks. Ideally the egg whites and sugar mixture will be done at the same time.
Set the mixer on high speed and slowly pour the sugar mixture into the whipped egg whites, pour as a thin stream and close to the side of the bowl avoiding the wire whisk. This can help prevent getting cooked eggs chunks and avoid spun sugar on the whisk.
Continue whipping the meringue until cooled completely and the bowl is no longer hot to the touch. With the mixer on a medium-high speed, add the butter and shortening in chunks. Be careful that the butter doesn’t fly out of the bowl! Beat until smooth and silky.
Switch to a paddle attachment, beat in the vanilla extract and salt.