Parsons Corporation
TypePublic
NYSE: PSN
IndustrySecurity, Defense, Intelligence, Technology, and Critical Infrastructure
FoundedCalifornia, United States (1944 as Ralph M. Parsons Company)
Headquarters
14291 Park Meadow Drive, Suite 100 Chantilly, Virginia
Key people
Carey Smith CEO
Matt Ofilos, CFO
RevenueUS$ 3.6 billion (2018)[1]

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

Parsons has more than 17,000 employees across 25 countries. Carey Smith serves as Chairwoman, President, and CEO of Parsons.[4]

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.[5]

Throughout the 1950s and 1960s, Parsons expanded its service offerings to bring capabilities in engineering, design, and construction management to a wide range of infrastructure, including water and wastewater, oil and gas, aviation, rail and transit, and other critical facilities around the world.

In 1974, Parsons opened the first part of its headquarters in Pasadena.[6]

In 1985, Parsons finalized an Employee Stock Ownership Program (ESOP), allocating shares in proportion to employees’ salaries. The ESOP benefits program continues today.

During the late 1980s and early 1990s, transportation projects grew as part of the company’s portfolio, including some of the first major bridge engineering projects.

In late February 2019, Parsons announced the move of its headquarters from Pasadena, California to Centreville, Virginia.[7]

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

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.[9]

On September 1, 2023, Parsons announced the move of its headquarters to Chantilly, VA.

Founder's legacy

In 1961, Parsons founded the Ralph M. Parsons Foundation. The foundation became entirely independent from the company in 1974.[10][11]

Company Timeline

1940s

Less than 2 months after Parsons was founded, they were hired to provide turnkey engineering, management, and oil well drilling services to the great divide in Colorado, United States. Parsons began work at the Point Mugu Missile facility and for missile development and testing. In 1948, the Atomic Energy Commission created the Idaho National Engineering Laboratory reactor so that it could conduct advanced nuclear experiments with civilian and military reactors. Parsons designed all facilities for test and support operations—including the largest cast-in-place concrete arch ever poured, a span of 3,000 feet.

1960s

In 1961, Parsons designed the installation plans for each of the 1,000 Minuteman intercontinental ballistic missiles, which were used by the U.S. Air Force during the Cold War. In 1964, Ralph M. Parsons personally managed the design of the U.S. Treasury Department Mint’s expansion. Parsons created all construction and equipment specifications, oversaw construction, and prepared operations and maintenance manuals. In 1964, Parsons created a technical and economic blueprint for the North American Water and Power Alliance (NAWAPA), specifically in the United States, Canada and Mexico. The plan outlined concepts to build an integrated system of dams, channels, tunnels, reservoirs, hydroelectric plants, and pumping stations. The plan ultimately did not move forward due to environmental concerns and cost.[12] In 1966, Parsons has served as general engineering consultant for the DC Washington Metro in Washington, D.C., which is a $11 billion, 103-mile rapid transit rail system connecting Washington, D.C., to its many suburbs. In 1968, Parsons designed and constructed the entire Honolulu Airport in Honolulu, Hawaii (which is now referred to as the Daniel K. Inouye International Airport), including a 12,000-foot runway on an offshore reef to minimize noise in Honolulu. The runway is still used today. In 1968, Parsons began work to upgrade the Federal Aviation Administration (FAA) by providing plans, specifications, and standards to upgrade air traffic controls in 19 facilities. Today, Parsons provides 24/7/365 technical support services in all nine FAA regions and two specialized FAA centers. Again in 2001, Parsons was the prime contractor to implement modernization plans for the national airspace system[13]

1970s

In 1970, Parsons designed and built their first sulfur recovery plant for Consolidated Chemical Industries, Inc. In 1970, Parsons was hired by BP and ExxonMobil to perform engineering studies in Alaska to determine if the company could overcome the technical and logistical engineering challenges in Arctic oil production. Following this study, Parsons was hired in 1974 as managing contractor for all oil and gas facilities for BP and Exxon’s east side portion of Prudhoe Bay, Alaska. Also in 1974, Parsons provided modernization and construction program services for the new construction on more than 100 major U.S. postal installations. Parsons continues to provide services for the USPS today.[14] In 1975, Parsons was selected to transform Yanbu, Red Sea in Saudi Arabia into a thriving, modern port complex. The company provided the master plan, design, and construction management services for this self-contained industrial city of more that 100,000 people that produces oil, gas, and petrochemical products used worldwide. Continuing work in the middle east, Parsons won a contract to design, engineer, and manage the construction of multiple facilities for ARAMCO’s Saudi Arabian gas program. In 1976, the Federal Railroad Administration awarded Parsons the Northeast Corridor Improvement Program contract, which was provided a 456-mile, high-speed rail service between Boston, New York, and Washington, D.C. In 1977, Parsons completed a 4-year design-build turnkey program to build the Jeddah Airport in Saudi Arabia (also known as the King Abdulaziz International Airport). In 1978, Parsons developed facilities criteria for assembly, testing, and system support of the U.S. Air Force’s MX missile system at Vandenberg Space Force Base.

1980s

In 1980, Los Angeles selected a Parsons joint venture to provide the Hyperion Wastewater Treatment Plant with program management, advanced planning, conceptual/detailed design, construction management, and startup services on all of their solids- and gas-handling expansion projects. In 1981, Parsons won a contract for the Petromin-Shell petrochemical design-build project, the company’s largest petrochemical project ever, valued at $1.5 billion. In 1984, as a subcontractor to Martin Marietta, Parsons supported development of the space shuttle ground system at Vandenberg Air Force Base. In 1985, the Los Angeles Metropolitan Transportation Authority hired a Parsons joint venture to provide commuter rail services and construction management of the MTA’s Red Line. Also in 1985, the U.S. Army Corps of Engineers selected Parsons to furnish design, systems integration, engineering, and procurement for the eight chemical weapons incineration plants throughout the continental United States. The final munition was destroyed in July 2023 in Kentucky by a joint-venture team led by Bechtel National, Inc. and Parsons Corporation.[15] In 1986, Parsons designed, engineered, and managed construction of the Red Dog mine air and sea ports along with the entire complex. In 1987, Parsons engineered, designed and tested the Titan solid booster rocket test stand at Edwards Air Force Base in California. In 1988, Parsons was hired to expand the Dulles (IAD) and Ronald Reagan (DCA) airports

1990s

In 1992, Parsons consulted with the Port of Los Angeles for the Pier 300 design. The $60 million project is a dry bulk terminal for international commodities such as coal and petroleum coke. Also in 1992, Parsons provided engineering cleanup services to the Department of Energy for its uranium enrichment facilities in Ohio. The project was worth $125 million. In 1993, The Southern Nevada Water Authority selected Parsons as PM/CM for their $2 billion capital improvement program to increase water capacity for the Las Vegas Valley. The company continues to provide program and construction management services to SNVA, and won a contract to continue services in 2020.[16] In 1995, Parsons designed, engineered and managed the National Ignition Facility’s (NIF) construction.

This facility houses the world’s most powerful laser.[17] In 1996, Parsons was awarded a contract by the USAID to reconstruct Bosnia-Herzegovina, in the Balkans, after the war.[18] In 1997, Parsons began the structural rehabilitation and catenary designs that incorporated electrifying the railroad tracks of the Tagus River Bridge (also known as the 25 de Abril Bridge) in Lisbon, Portugal. The company continues to support bridge improvements and maintenance In 1998, Parsons was hired by the U.S. Navy to manage UXO removal in Hawaii. The unexploded ordinances had accumulated in the island of Kaho`olawe. In 1999, Parsons completed a $540 million contract to build the New Baiyun Airport (now called the Guangzhou Baiyun International Airport) in Guangzhou, China. Also in 1999, under Parsons Brinckerhoff in a joint-venture, the company provided the design for the Woodrow Wilson Bridge as the lead General Engineering Consultant (GEC). The bridge project came in at $86 million under budget.

In 1995 Parsons paid the U.S. $3.2 million to settle fraud claims, the settlement comes from allegations that Parsons knowingly overbilled the government on two Air Force contracts.[19]

2000s

On September 19, 2002, Parsons was awarded a contract to design, build commission and operate the Savannah River Salt Waste Processing Facility (SWPF) in South Carolina by the department of energy.[20] In 2020, the company completed all steps to begin the treatment of radioactive waste at the facility.[21]

On October 8, 2002, Parsons proceeded on the Tacoma Narrows Bridge, a design-build project, originally scheduled to be constructed in 55 months.[22]

In 2004, Parsons served as project manager to cleanup and restore Onondaga Lake in New York.[23]

Also 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.[23]

In addition in 2004 Parsons was awarded a contract for a $243-million project to build 150 healthcare 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 was 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.[24] This lead to Parsons and USACE disputing the degree to which the final 20 centers were completed.[25] 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".[25]

In 2005, a Parsons led joint venture constructed the north terminal of the Miami International Airport. [26] The same joint venture (Parsons-Odebrecht) was awarded another contract for the airport to improve the baggage handling system.[27]

In 2006, in a joint-venture, Parsons provided the design review and program/construction supervision for the construction of the Dubai Metro.[28]

2010s

In 2010, Parsons, in a joint-venture, completed the $575-million, LEED-silver-certified Tom Bradley International Terminal Improvements and Baggage Screening Systems Project at Los Angeles International Airport. Parsons was the construction manager for this project.[29] Parsons was also a part of the terminals update in 2006.[30] The company also played a role in post 9/11 Pentagon rebuilding efforts, providing program and construction management services.[31]

In 2011, in a joint-venture, Parsons completed construction on the John James Audubon Bridge in Mississippi.[32] The John James Audubon Bridge is the longest cable-stayed bridge in the Western Hemisphere and is also the first Design-Build project undertaken by the Louisiana Department of Transportation and Development.[33] On November 8, 2012, the bridge was awarded the Design-Build Institute of America (DBIA) 2012 Design Excellence Award.[33]

In 2013, Parsons designed and managed construction for the earthworks, roads and water and wastewater in Saadiyat Island, Abu Dhabi, UAE.[34]

In October 2014, Parsons was awarded a contract by Tecon Investments to oversee major elements of the Dubai Design District (D3).[35]

In 2016, construction was completed for the World Trade Center Port Authority Trans-Hudson Transportation Hub (PATH). Parsons was responsible for the infrastructure group design of the project, as well as supervising the civil, geo-technical and environmental design of the project. It also oversees the installation of the project’s communication and safety systems.[36]

On June 12, 2017, Parsons accepted the award for the Operational Efficiency Project of the Year from the California Transportation Foundation (CTF) for their Intelligent Transportation System work on the I-80 Smart Corridor Project.[37]

In 2017, Parsons worked with Abu Dhabi Airports Company as program manager for the Abu Dhabi International Airport expansion.[38]

2020s

In 2021, Parsons was awarded a seven year contract from the Missile Defense Agency to continue work on the TEAMs Next contract to support the development of defense systems.[39]

In 2023, Parsons was confirmed as the delivery partner for The Line at NEOM, a 170 km linear city being built in Saudi Arabia.[40]

On July 7, 2023, U.S. officials announced that the final munition in the nation's obsolete stockpile of chemical weapons at the Blue Grass Chemical Agent Plant has been safely destroyed by Bechtel National, Inc. and Parsons. The team used neutralization and explosive destruction to eliminate the munition.

Signature projects

Notable Parsons projects include:

Corporate Governance

Board of Directors

The board of directors consists of 11 members. As of June 2023, members include:

  • Carey Smith: Chairwoman, President, And Chief Executive Officer
  • George Ball, Former Chief Financial Officer Of Parsons Corporation
  • Mark K. Holdsworth, Founder And Managing Partner Of The Holdsworth Group
  • Steven F. Leer, Former Executive Chairman Of The Board Of Directors Of Arch Coal, Inc.
  • Ellen Lord, Former Under Secretary Of Defense For Acquisition And Sustainment For The U.S. Department Of Defense
  • Letitia A. Long, Former Director Of The National Geospatial-Intelligence Agency (NGA)
  • Darren W. McDew, General USAF (ret), Retired U.S. Air Force General
  • Harry T. McMahon, Former Executive Vice Chairman Of Bank of America Merrill Lynch
  • M. Christian Mitchell, Former National Managing Partner Of Deloitte
  • Suzanne M. “Zan” Vautrinot, Major General USAF (ret), President Of Kilovolt Consulting, Inc.
  • David C. Wajsgras, Former President Of The Intelligence, Information And Services (IIS) Business (Raytheon)

Acquisitions

 Parsons Corporation 

Company founded by Ralph M. Parsons 1944

Alaris Group[44] May 2005

3D/International[45] Jun 2006

McMunn Associates[46] Mar 2009

Sparta, Inc[47] Nov 2011

Secure Mission Solutions[48] May 2014

Williams Electric[49] Nov 2017

Polaris Alpha[50] May 2018

OG Systems[51] Jan 2019

QRC Technologies[52] Jul 2019

Braxton Science & Technology Group[53] Oct 2020

Blackhorse Solutions[54] Jun 2021

Echo Ridge LLC[55] Jul 2021

Xator Corporation[56] Jun 2022

IPKeys Power Partners And IPKeys Cyber Partners[57]April 2023

Sealing Technologies, Inc.[58] Aug 2023

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. 1 2 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. ↑ Thumbs up for performance. // Aviation Week & Space Technology, October 14, 1957, v. 67, no. 15, p. 84.
  6. ↑ Scheid, Ann; Lund, Ann Scheid (1999). Historic Pasadena, an Illustrated History. HPN Books. ISBN 9781893619012. Retrieved 10 August 2019.
  7. ↑ 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.
  8. ↑ Rubin, Debra (9 May 2019). "In May 8 Stock Offering, Parsons Corp. Nets $500M". Engineering News-Record. Retrieved 10 August 2019.
  9. ↑ Cordell, Carten (6 December 2019). "Leidos, Parsons win spot on $4B nuclear material cleanup contract". Washington Business Journal. Retrieved 20 December 2019.
  10. ↑ "Ralph M. Parsons Foundation Awards $1 Million Grant to Caltech for New Research Laboratory | Caltech". The California Institute of Technology. Retrieved 2018-06-26.
  11. ↑ "Ralph M. Parsons Foundation | CSU". www2.calstate.edu. Retrieved 2021-01-30.
  12. ↑ "The Abandoned Plan That Could Have Saved America From Drought".
  13. ↑ "Parsons Wins Contract to Update FAA Systems".
  14. ↑ "Parsons Awarded $600M Ceiling U.S. Postal Service Contract".
  15. ↑ "US Completes Chemical Weapons Stockpile Destruction Operations".
  16. ↑ "Parsons Awarded $21 Million Contract to Safeguard Southern Nevada's Water Supply".
  17. ↑ "Lasers.llnl.gov" (PDF).
  18. ↑ "Late CEOs Work to Continue As Parsons Team Wins Bosnia Pact".
  19. ↑ "Parsons Engineering Pays U.S. #3,225,000 to Settle Fraud Claims". justice.gove. Retrieved 18 September 2023.
  20. ↑ "Department Of Energy" (PDF).
  21. ↑ "Parsons Completes Requirements for Operations at Salt Waste Processing Facility".
  22. ↑ "Parsons/HNTB Joint Venture to Proceed on Tacoma Narrows Bridge Project Design".
  23. 1 2 "Onondaga Lake Cleanup – Syracuse, NY".
  24. ↑ 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
  25. 1 2 "Report details problems with contract for Iraq health centers". Government Executive. Retrieved March 2, 2019.
  26. ↑ "Parsons-Odebrecht to be general contractor at MIA".
  27. ↑ "Parsons-Odebrecht awarded BHS contract for Miami Airport".
  28. ↑ "Dubai Takes First Steps in Building Region's First Metro".
  29. ↑ "Clark/McCarthy JV complete LAX renovation project".
  30. ↑ "Los Angeles Int'l Unveils Redeveloped International Terminal".
  31. ↑ "From the ashes: The Pentagon renovation".
  32. ↑ "Construction completed on Audubon Bridge".
  33. 1 2 "DOTD John James Audubon Bridge project named winner of DBIA 2012 Design Excellence Award".
  34. ↑ "Site visit: Abu Dhabi Cultural District".
  35. ↑ "Parsons to manage Dubai Design District project".
  36. ↑ "WTC PATH Transportation Hub".
  37. ↑ "I-80 SMART Corridor Project awarded Operational Efficiency Project of the Year".
  38. ↑ "Abu Dhabi International Airport Midfield Terminal, Abu Dhabi".
  39. ↑ "Parsons wins contract from MDA to provide TEAMS services".
  40. ↑ "Parsons confirmed delivery partner for 170km The Line at NEOM, Saudi Arabia".
  41. ↑ Howard, William E. Billions for ICBM Launching Facilities // Missiles and Rockets, May 11, 1959, v. 5, no. 19, p.13-14.
  42. ↑ Packard Reminds Industry of Its Duty — Defense. // Missiles and Rockets, September 5, 1960, v. 7, no. 10, p. 17.
  43. ↑ "Tacoma Narrows Site" (PDF).
  44. ↑ "Parsons Acquires The Alaris Group", Los Angeles Times, 5 May 2005, retrieved 31 Aug 2022
  45. ↑ Cho, Cynthia (10 June 2006), "Parsons acquires 3D/International", Los Angeles Times, retrieved 28 Aug 2022
  46. ↑ Darcy, Darlene (5 March 2009), "Herndon's McMunn Associates sold to Parsons", Washington Business Journal, retrieved 28 Aug 2022
  47. ↑ Hubler, David (19 October 2011), "Parsons makes $350M deal to pull services unit out of Cobham", Washington Technology, retrieved 10 Aug 2019
  48. ↑ Hoover, Mark (21 Apr 2014), "Parsons deepens cybersecurity capability through latest acquisition", Washington Technology, retrieved 11 Aug 2019
  49. ↑ Smith, Kevin (30 Nov 2017), "Parsons acquisition will boost company's defense against cyber attacks", Pasadena Star-News, retrieved 28 Aug 2022
  50. ↑ Erwin, Sandra (21 May 2018), "Parsons acquires Polaris Alpha, seeks bigger footprint in defense, space, intelligence", Space News, Space News, retrieved 10 Aug 2019
  51. ↑ Wilkers, Ross (8 Jan 2019), "Parsons makes another intell-focused deal", Washington Technology, Public Sector 360, retrieved 10 Aug 2019
  52. ↑ Censer, Majorie (22 Jul 2019), "Parsons to acquire QRC", Inside Defense, retrieved 11 Aug 2019
  53. ↑ Erwin, Sandra (29 Oct 2020), "Parsons to acquire space and cybersecurity firm Braxton Science & Technology Group", Space News, retrieved 28 Aug 2022
  54. ↑ Andrews, Kate (10 Jun 2021), "Parsons to purchase BlackHorse Solutions for $203M", Virginia Business, retrieved 28 Aug 2022
  55. ↑ "Parsons Corporation acquired Echo Ridge, LLC for approximately $9M", Market Screener, 4 Aug 2021, retrieved 29 Aug 2022
  56. ↑ "Parsons Closes Xator Acquisition", GovCon Wire, 2 Jun 2021, retrieved 28 Aug 2022
  57. ↑ "Parsons Corporation acquired IPKeys", Market Screener, 4 Aug 2021, retrieved 29 Aug 2022
  58. ↑ "Parsons Acquires SealingTech", Globe News Wire, 23 Aug 2023, retrieved 28 Aug 2022
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