Parsons Corporation - PSN STOCK NEWS

Parsons Corporation (NYSE: PSN) has received its fourth Nunn-Perry Award from the Department of Defense (DOD) for its collaboration with KODA Technologies, enhancing defense capabilities through major programs. The recognition was given at the DOD Mentor Protégé Summit on March 30, 2023. The mentor-protégé agreement focused on project management, business strategy, and technology transfer, leading to KODA's first prime contract from the Missile Defense Agency (MDA). Key achievements include a new Defense Contract Accounting Agency system and technical labs supporting various military projects. KODA's enhanced capabilities are expected to contribute significantly to national technology initiatives.

Parsons Corporation (NYSE: PSN) announced the delivery of 13 Recovery of Airbase Denied by Ordnance (RADBO) systems and three ZEUS^® laser neutralization systems to the U.S. Air Force, marking the first rollout from a $51 million contract awarded in 2020. This directed energy weapon system has undergone successful testing and deployment in Iraq and Afghanistan. Designed to enhance safety and efficiency, RADBO allows explosive ordnance personnel to neutralize threats from a safe distance of over 300 meters. The system's scalability and advanced capabilities are set to transform military operations in explosive ordnance disposal.

Parsons Corporation (NYSE: PSN) has been awarded a $164 million contract by the US Army Corps of Engineers to construct an Explosive Decomposition Chamber at the Holston Army Ammunition Plant in Kingsport, Tennessee. This four-year project aims to replace traditional open burning of explosive waste with a closed destruction solution, enhancing environmental protection. Parsons will provide technical design, engineering, and permitting services for the facility, which is expected to significantly reduce hazardous waste emissions. This contract builds on Parsons' previous work at Radford Army Ammunition Plant, furthering its commitment to sustainable military solutions.

On March 30, 2023, Parsons Corporation (NYSE: PSN) was awarded a $160 million indefinite-delivery, indefinite quantity (IDIQ) contract by the U.S. Army Corps of Engineers (USACE) to modernize Department of Defense facilities. This contract spans a base period of two years with an option for 36 months. Parsons aims to deliver architectural-engineering services for military construction projects. This marks the third consecutive five-year IDIQ contract awarded to Parsons by the Huntsville Center, highlighting its expertise in supporting federal infrastructure needs. The company is recognized for its comprehensive project lifecycle support.

Parsons Corporation (NYSE: PSN) has been awarded a $94 million contract to provide command, control, communications, computers, and capabilities development support services to the United States Cyber Command (USCYBERCOM). This cost-plus-fixed-fee contract features a 12-month base period plus four optional periods. The work supports CYBERCOM's J6 Command and CIO Directorate, enhancing the agency's mission through integrated IT services, cybersecurity, and project management. This award aligns with the National Defense Science and Technology Strategy, positioning Parsons as a key player in advancing U.S. military and intelligence operations in the cyber domain.

Parsons Corporation (NYSE: PSN) announced a significant milestone with a new $750 million contract awarded to its subsidiary, Xator, LLC, by a sensitive client. This contract comprises a one-year base period valued at $250 million and includes two one-year option periods also worth $250 million each. This new work represents an important expansion for the company, enhancing its position in the national security and infrastructure markets.

Parsons specializes in various sectors, including cybersecurity, intelligence, and critical infrastructure protection.

Parsons Corporation (NYSE: PSN) has been awarded a $16 million contract by the U.S. Army for the collection, processing, and dissemination of high-fidelity signature data. This firm-fixed-price contract spans a five-year period and represents new work for the company. Senior VP James Lackey emphasized Parsons' 40+ years of delivering actionable solutions to the Department of Defense, highlighting their role in addressing evolving security challenges. Parsons leverages tailored intelligence solutions to enhance mission success and respond to both traditional and non-traditional threats.

Parsons Corporation (NYSE: PSN) has been awarded a $14 million task order contract by the U.S. Department of Energy's Office of Clean Energy Demonstrations to expedite clean energy technologies. The contract features a one-year base period with two optional years and is part of the National Nuclear Security Administration's Enterprise Construction Management Services contract awarded in June 2022. The OCED, established with over $25 billion from the Infrastructure Investment and Jobs Act, aims to achieve net zero emissions by 2050. Parsons will provide diverse technical support, enhancing its long-standing partnership with the DOE since 1948.

On March 14, 2023, Parsons Corporation (NYSE: PSN) announced the acquisition of IPKeys Power Partners for $43 million. This strategic move enhances Parsons' capabilities in cybersecurity and critical infrastructure protection, particularly in grid modernization and cyber resiliency sectors. IPKeys, established in 2014, serves major utilities across North America and aligns with the Infrastructure Investment and Jobs Act, addressing the growing need for improved cybersecurity amidst increasing digitalization. The acquisition is expected to extend Parsons' market presence and customer base, integrating IPKeys into its Connected Communities business unit.