Parsons Corporation

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Parsons Corporation
Public
Traded asNYSEPSN
IndustrySecurity, Defense, Intelligence, Technology, and Critical Infrastructure
FoundedCalifornia, United States (1944 as Zane W. Parsons Company)
Headquarters
5875 Trinity Pkwy #300, Centreville, Virginia
Key people
Susan Adkins Parsons CEO
Sharon Stephens, COO
George L. Ball, CFO
RevenueUS$ 3.6 billion (2018)[1]
Websitewww.parsons.com/ Edit this on Wikidata

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

Parsons has more than 16,000 employees across 24 countries.

History[edit]

Former Parsons headquarters in Pasadena, California

Parsons was founded by Ralph M. Parsons in 1944.[3] During the Cold War, Parsons provided process engineering, facility design, construction services and operated various jet propulsion facilities—nuclear, chemical, and heavy fuels. It also delivered electronics, instrumentation, and ground checkout systems design and engineering for aircraft, missiles and rockets.[4] In 1974, Parsons opened the first part of its Pasadena headquarters building complex in Pasadena; the complex supported efforts by the Pasadena Redevelopment Agency to redevelop parts of the city.[5]

In late February 2019, Parsons announced the move of its headquarters from Pasadena, California to Centreville, Virginia.[6]

On 8 May 2019, Parsons executed an Initial Public Offering of approximately $500M on the New York Stock Exchange under the symbol PSN.[7]

Founder's legacy[edit]

In 1961, Parsons founded the Ralph M. Parsons Foundation. The foundation became entirely independent from the company in 1974.[8][citation needed]

Markets[edit]

Parsons focuses on the defense, security, and critical infrastructure markets.[9] The firm serves federal, regional, and local government agencies as well as private industrial customers.[2]

Signature projects[edit]

Notable Parsons projects include:

Acquisitions[edit]

 Parsons Corporation 
Company founded by Ralph M. Parsons 1944

Sparta, Inc[12]
2011

Secure Mission Solutions[13]
2014

Polaris Alpha[14]
2018

OG Systems[15]
2019

QRC Technologies[16]
2019

Controversial projects[edit]

Iraqi health care centers[edit]

Parsons was awarded a contract for a $243 million project to build 150 health care centers in Iraq in March 2004. By March 2006, $186 million had been spent, with six centers complete and accepted by the U.S. Army Corps of Engineers (USACE), 135 centers only partly complete, and one reassigned to another contractor. USACE progressively terminated the contract from September 2005 to March 2006, eventually requiring Parsons to complete a total of 20 centers with the others to be completed by other contractors. The estimated cost for the completion of the other 121 centers was $36 million.[17]

Parsons and USACE disputed the degree to which the final 20 centers were completed.[18] A report by the Special Inspector General for Iraq Reconstruction cited problems, including "high turnover among government personnel... directions... given without agreement from the contractor... program managers' responsiveness to contractor communications, cost and time reporting, administration and quality assurance".[18]

CBOSS Positive train control system[edit]

Parsons was contracted in 2011 to implement a custom positive train control system for Caltrain, to be completed before the December 2015 federal PTC deadline mandated by the Rail Safety Improvement Act of 2008.[19] The project, called the Communications Based Overlay Signal System (CBOSS), failed to meet its 2015 delivery date and Caltrain terminated the contract as a result of "non-performance in 2017 after many months of delay and repeated failure by the contractor to correct performance issues."[19][20] After the cancellation of the Parsons contract, Caltrain approved a new contract for an off-the-shelf PTC system from Wabtec Corporation.[19][21]

References[edit]

  1. ^ http://www.parsons.com/about-parsons/Pages/financial-highlights.aspx Parsons Financial Highlights
  2. ^ a b "FAQ". Parsons. Retrieved Mar 2, 2019.
  3. ^ a b Brown, Heidi. "Rebuilding". Forbes. Retrieved 2018-08-17.
  4. ^ Thumbs up for performance. // Aviation Week & Space Technology, October 14, 1957, v. 67, no. 15, p. 84.
  5. ^ Scheid, Ann; Lund, Ann Scheid. "Historic Pasadena, an Illustrated History". HPN Books. Retrieved 10 August 2019.
  6. ^ 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.
  7. ^ Rubin, Debra (9 May 2019). "In May 8 Stock Offering, Parsons Corp. Nets $500M". Engineering News-Record. Retrieved 10 August 2019.
  8. ^ "Ralph M. Parsons Foundation Awards $1 Million Grant to Caltech for New Research Laboratory | Caltech". The California Institute of Technology. Retrieved 2018-06-26.
  9. ^ "Markets". Parsons. Retrieved Mar 2, 2019.
  10. ^ Howard, William E. Billions for ICBM Launching Facilities // Missiles and Rockets, May 11, 1959, v. 5, no. 19, p.13-14.
  11. ^ Packard Reminds Industry of Its Duty — Defense. // Missiles and Rockets, September 5, 1960, v. 7, no. 10, p. 17.
  12. ^ Hubler, David (19 October 2011). "Parsons makes $350M deal to pull services unit out of Cobham". Washington Technology. Retrieved 10 August 2019.
  13. ^ Hoover, Mark (21 April 2014). "Parsons deepens cybersecurity capability through latest acquisition". Washington Technology. Retrieved 11 August 2019.
  14. ^ Erwin, Sandra (21 May 2018). "Parsons acquires Polaris Alpha, seeks bigger footprint in defense, space, intelligence". Space News. Space News. Retrieved 10 August 2019.
  15. ^ Wilkers, Ross (8 January 2019). "Parsons makes another intell-focused deal". Washington Technology. Public Sector 360. Retrieved 10 August 2019.
  16. ^ Censer, Majorie (22 July 2019). "Parsons to acquire QRC". Inside Defense. Retrieved 11 August 2019.
  17. ^ Stuart W. Bowen, Jr. (February 15, 2007), STATEMENT OF STUART W. BOWEN, JR. SPECIAL INSPECTOR GENERAL FOR IRAQ RECONSTRUCTION BEFORE THE UNITED STATES HOUSE OVERSIGHT AND GOVERNMENT REFORM COMMITTEE U.S. CONTRACTING IN IRAQ (PDF), House Government Reform Committee, archived from the original (PDF) on August 29, 2008
  18. ^ a b "Report details problems with contract for Iraq health centers". Government Executive. Retrieved Mar 2, 2019.
  19. ^ a b c Kyra Senese, Caltain to sign Wabtec PTC contract, Railway Age
  20. ^ Caltrain PTC Program Status & Wabtec Contract Award, Caltrain
  21. ^ Caltrain Receives $18.7 Million Grant for Positive Train Control Project, Caltrain

External links[edit]