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Parsons Corporation

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Parsons Corporation
Company typePublic
NYSE: PSN
IndustrySecurity, Defense, Intelligence, Technology, and Critical Infrastructure
FoundedCalifornia, United States (1944 as Ralph M. Parsons Company)
Headquarters
5875 Trinity Pkwy #300, Centreville, Virginia
Key people
Carey Smith CEO
Matt Ofilos, CFO
RevenueUS$ 3.6 billion (2018)[1]

Parsons Corporation (Parsons) is an American technology-focused defense, intelligence, security, and infrastructure engineering firm headquartered in Centreville, Virginia. The company was founded in 1944.[2][3]

Parsons has more than 16,000 employees across 24 countries. Carey Smith serves as Chairwoman, President, and CEO of Parsons.[4]

The company has been named as one of the World’s Most Ethical Companies by Ethisphere for 13 consecutive years.[5]

History

Former Parsons headquarters in Pasadena, California

Parsons was founded by Ralph M. Parsons in 1944.[3] The company delivered electronics, instrumentation, ground checkout systems design, and engineering for aircraft, missiles and rockets during the Cold War.[6] In 1974, Parsons opened the first part of its headquarters in Pasadena.[7]

In 2004, a $29.5 million contract was given to both Parsons and Gilbert Southern/Massman Construction to redo a portion of the Escambia Bay Bridge near Pensacola, FL after Hurricane Ivan made landfall and knocked off 58 spans of the original bridge and misaligned 66 other spans. Traffic destined for the bridge was rerouted onto US 90 (exit 17 on I-10) for 2 months while construction was taking place, which caused severe traffic jams. The westbound bridge opened to traffic on October 4, six days ahead of schedule, while the eastbound lanes opened to traffic on November 20, 66 days after Ivan made landfall and 27 days ahead of schedule. Both contractors received $1.5 million in bonuses for the early completion.

In 2006, Parsons acquired the Houston-based design and construction company 3D/International.[8]

In late February 2019, Parsons announced the move of its headquarters from Pasadena, California to Centreville, Virginia.[9]

On May 8, 2019, Parsons executed an Initial Public Offering of approximately $500 million on the New York Stock Exchange under the symbol PSN.[10]

In December 2019, it was announced that Parsons and Leidos Holdings Inc. had earned spots on a $4 billion contract to support the cleanup of a former nuclear weapons site in southern Washington state.[11]

Founder's legacy

In 1961, Parsons founded the Ralph M. Parsons Foundation. The foundation became entirely independent from the company in 1974.[12][13]

Signature projects

Notable Parsons projects include:

Acquisitions

  • 3D/ International, 2006
  • Sparta, Inc, 2011
  • Delcan, 2014
  • Secure Mission Solutions, 2014
  • T.J. Cross Engineers, Inc. , 2015
  • Williams Electric Company, 2017
  • Polaris Alpha, 2018
  • OG Systems, 2019
  • QRC Technologies, 2019
  • Braxton, 2020
  • BlackHorse, 2021
  • Echo Ridge, 2021
  • Xator, 2022

References

  1. ^ "Financial Highlights". Archive.org. Parsons Corporation. Archived from the original on 19 October 2016. Retrieved 2016-10-19.
  2. ^ "FAQ". Parsons. Retrieved March 2, 2019.
  3. ^ a b Brown, Heidi. "Rebuilding". Forbes. Retrieved 2018-08-17.
  4. ^ "Parsons Corporation Board Unanimously Elects Carey Smith As Chairwoman | Parsons Corporation". www.parsons.com. Retrieved 2022-05-05.
  5. ^ "Parsons Again Named One Of The World's Most Ethical Companies | Parsons Corporation". www.parsons.com. Retrieved 2022-05-05.
  6. ^ Thumbs up for performance. // Aviation Week & Space Technology, October 14, 1957, v. 67, no. 15, p. 84.
  7. ^ Scheid, Ann; Lund, Ann Scheid (1999). Historic Pasadena, an Illustrated History. HPN Books. ISBN 9781893619012. Retrieved 10 August 2019.
  8. ^ Cho, Cynthia H. (June 10, 2006). "Parsons Acquires 3D/International". Los Angeles Times.
  9. ^ Peltz, James (28 Feb 2019). "Parsons Corp. is moving its headquarters from Pasadena to Washington, D.C., area". Los Angeles Times. Retrieved 10 August 2019.
  10. ^ Rubin, Debra (9 May 2019). "In May 8 Stock Offering, Parsons Corp. Nets $500M". Engineering News-Record. Retrieved 10 August 2019.
  11. ^ Cordell, Carten (6 December 2019). "Leidos, Parsons win spot on $4B nuclear material cleanup contract". Washington Business Journal. Retrieved 20 December 2019.
  12. ^ "Ralph M. Parsons Foundation Awards $1 Million Grant to Caltech for New Research Laboratory | Caltech". The California Institute of Technology. Retrieved 2018-06-26.
  13. ^ "Ralph M. Parsons Foundation | CSU". www2.calstate.edu. Retrieved 2021-01-30.
  14. ^ Howard, William E. Billions for ICBM Launching Facilities // Missiles and Rockets, May 11, 1959, v. 5, no. 19, p.13-14.
  15. ^ Packard Reminds Industry of Its Duty — Defense. // Missiles and Rockets, September 5, 1960, v. 7, no. 10, p. 17.
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