Welcome to our dedicated page for Parsons Corporation news (Ticker: PSN), a resource for investors and traders seeking the latest updates and insights on Parsons Corporation stock.
Parsons Corporation (NYSE: PSN) is a pioneering company in the fields of engineering, construction, technical, and management services. Founded in 1944, Parsons has grown to become a leader in delivering innovative, technology-driven solutions across a variety of markets, including defense, intelligence, and critical infrastructure.
With a strong workforce of over 15,000 employees, Parsons engages in nearly 5,000 projects across 29 countries. These projects span multiple sectors and involve complex logistical challenges. The company's core services include design/build, program and construction management, and professional services tailored to meet the needs of both private industrial clients and government entities at the federal, regional, and local levels.
One of Parsons' significant achievements is obtaining a $28 million contract from the U.S. Air Force Research Laboratory for the development of intelligence, surveillance, and reconnaissance software. This contract extends Parsons' portfolio in supporting the Department of Defense and the Intelligence Community. The company is also renowned for its ZEUS® directed energy system, which has been deployed in Iraq and Afghanistan for neutralizing threats and enhancing operational safety.
Parsons is structured into two primary business segments: Federal Solutions and Critical Infrastructure. The Federal Solutions segment focuses on high-end services and technology for mission-critical projects for the U.S. government. The Critical Infrastructure segment offers integrated design and engineering services for intricate physical and digital infrastructure globally.
Additionally, Parsons has been selected as one of 15 lead consultants for the Los Angeles World Airports' (LAWA) Capital Improvement Program, a contract valued at nearly $1 billion over five years. This initiative is part of LAWA's broader inclusivity and modernization efforts.
Parsons' commitment to innovation and excellence is further exemplified by its collaborative projects like the Peak-Time Payback program for battery storage-based demand response in Texas, in partnership with Enphase Energy and GVEC. This project is aimed at enhancing the resilience and sustainability of the Texas electrical grid.
To stay updated on Parsons' latest developments and projects, visit their official website at parsons.com and follow their updates on LinkedIn and Facebook.
Parsons Corporation (NYSE: PSN) has secured a new task order valued at approximately $20 million under the GARDEM contract with the Air Force Research Laboratory. This three-year contract aims to enhance research and development for the U.S. Air Force and allied sectors. Since 2019, Parsons has won four competitive bids on this contract, amounting to $154 million. The company aims to leverage its experience in rapid software development to provide flexible solutions that meet mission requirements.
Parsons Corporation (NYSE: PSN) has been awarded a $21 million contract by the Southern Nevada Water Authority (SNWA) to enhance water supply management in Las Vegas. This contract extends a partnership dating back to 1993, focusing on sustainable water distribution and watershed management. The three-year agreement includes options for three additional three-year extensions. Over the years, Parsons has contributed to over $4 billion in infrastructure development for SNWA, including innovative solutions to improve water supply resilience amid regional growth and drought challenges.
Parsons Corporation (NYSE: PSN) has been awarded a $32 million contract by the San Bernardino County Transportation Authority to support a $4.3 billion program aimed at improving transportation and traffic management. This five-year contract will enhance program and project management for various infrastructure projects including freeways and interchanges. Parsons has collaborated with SBCTA for over a decade, underscoring the Authority's trust in their services to boost mobility and quality of life in the region.
Parsons Corporation (NYSE: PSN) has secured a four-year, $37 million contract from Naval Facilities Engineering Command Southwest to assist in rebuilding efforts at Naval Air Weapons Station China Lake. This award is part of a broader $2.5 billion earthquake recovery program following a 7.1 magnitude earthquake in July 2019. Parsons will provide essential programmatic, technical, risk, and build management services. This contract underscores Parsons' expertise in partnering with the Department of Defense on complex projects.
Parsons Corporation (NYSE: PSN) has unveiled its new Cloud Native Stream Platforms designed to enhance data processing capabilities for government and commercial customers. The platforms include the Cloud Native Streaming Platform (CNSP) and the Kubernetes Native Stream Platform (KNSP), aimed at maximizing cloud resource utilization while minimizing infrastructure costs. CNSP is currently in use within the Intelligence Community, while KNSP is newly available for distribution. Both platforms feature self-healing capabilities and extensive dashboards for real-time system monitoring.
Parsons Corporation (NYSE: PSN) has appointed John Felker to its federal strategic advisory board. Felker, who previously led the Cybersecurity and Infrastructure Security Agency's (CISA) Integrated Operations Division, brings extensive experience from his tenure at the Department of Homeland Security and 30 years in the U.S. Coast Guard. This addition aims to enhance Parsons' strategic direction in core markets, including cyber and intelligence, as noted by President Carey Smith. The advisory board includes other notable figures from national security and defense.
Parsons Corporation (NYSE:PSN) has completed its acquisition of Braxton Science & Technology Group, valued at $300 million. This strategic move aligns with Parsons' focus on enhancing its capabilities in the defense and intelligence sectors. Braxton, with over 370 employees, will bolster Parsons' offerings in space, cyber, and intelligence markets, particularly benefiting U.S. Department of Defense initiatives. The acquisition marks Parsons' fourth since 2018, emphasizing its growth strategy in a rapidly evolving market.
Parsons Corporation (NYSE: PSN) has been awarded a contract for program management on Denver's Advanced Transportation and Congestion Management Technologies Deployment (ATCMTD) Connected Vehicle project. This initiative aims to enhance traffic management by integrating IoT devices in city vehicles and intersections, improving situational awareness for city operations. The contract encompasses various smart city solutions, focusing on mobility, safety, and climate change mitigation. With over 30 years of experience in intelligent transportation, Parsons is poised to contribute significantly to Denver's smart infrastructure.
Parsons Corporation (NYSE: PSN) has secured a $50 million contract from Houston Airports to enhance infrastructure projects over a five-year term with a potential three-year extension. This contract supports operations at George Bush Intercontinental Airport, William P. Hobby Airport, and Ellington Airport, expanding Parsons' ongoing collaboration on the IAH Terminal Redevelopment Program. The project includes comprehensive phases from initiation to contract closeout, aimed at improving the travel experience and operational efficiency at these airports.
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