Parsons to Lead $953M Ceiling Effort to Protect U.S. Air Force Air Bases
Parsons Corporation (NYSE: PSN) has announced a significant new contract to lead a team in developing Air Base Air Defense (ABAD) systems for U.S. Air Forces in Europe and Africa. Valued at $953 million, this 10-year indefinite delivery/indefinite quantity (IDIQ) effort will take place at Ramstein Air Base, Germany. The project aims to enhance air base defense capabilities against evolving threats, integrating commercial and governmental technologies. Parsons will collaborate with an industry team, including Leidos and SAIC, to ensure comprehensive protection for military personnel.
- Awarding of a $953 million contract enhances revenue potential.
- Long-term, 10-year commitment indicates stability and sustained business.
- Collaboration with industry leaders boosts technological capabilities.
- None.
CENTREVILLE, Va., July 26, 2021 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) is excited to lead an industry team to design, mature, procure, integrate, operate, and maintain Air Base Air Defense (ABAD) systems across the European and African continent areas of responsibility for the U.S. Air Forces in Europe and Air Forces Africa. The new 10-year,
“As threats continue to advance and evolve globally, our team of industry leaders is ready to protect the nation’s global warfighters by developing a flexible, responsive, all-domain air base defense system to rapidly detect, alert, deny, or defeat threats ranging from low-cost irregular attacks to hypersonic weapons,” said Shaun McGrath, Parsons’ ABAD program manager. “Our tailored solutions and all-domain expertise combined with next-generation commercial detect and defeat capabilities, enable us to provide constant and reliable protection for our forces today and everyday.”
The Parsons team will focus on the maturation of an all-domain system comprised of commercial off-the-shelf and government off-the-shelf software and hardware technologies with an integrated design to protect existing and future air bases. Parsons touches every aspect of the all-domain battlespace: from space operations to edge computing and full-spectrum cyber; to ground-based command and control systems. The company’s proven operational capabilities will ensure all-domain superiority and information dominance to accelerate decision making in permissive through highly contested environments.
The Parsons-led ABAD team includes Leidos, Science Applications International Corp (SAIC), SRC, Inc., Stellar Solutions, CUBRC, Darkblade, Leonardo, ELTA North America, Capstone Research, and Black River Systems. Additional industry teaming with Teledyne FLIR, Microsoft, RADA, Liteye, FORTEM, and Rafael will enable us to leverage expanded technologies.
To learn more about Parsons all-domain solutions, please visit: www.parsons.com/markets/defense/
About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.
Media Contact:
Crystalyn Koch
+ 1 719.648.8420
Crystalyn.Koch@brxtn.com
Investor Relations Contact:
Dave Spille
+ 1 571.655.8264
Dave.Spille@parsons.com
FAQ
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