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

History

Parsons was founded by Ralph M. Parsons in 1944. The company delivered electronics, instrumentation, ground checkout systems design, and engineering for aircraft, missiles and rockets during the Cold War. In 1974, Parsons opened the first part of its Pasadena headquarters in Pasadena. 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, 6 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 late February 2019, Parsons announced the move of its headquarters from Pasadena, California to Centreville, Virginia. On 8 May 2019, Parsons executed an Initial Public Offering of approximately $500M on the New York Stock Exchange under the symbol PSN. 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.

Founder's legacy

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


Signature projects


Notable Parsons projects include: * Titan and Minuteman ICBM bases, sites and silos (along with another California-based contractor—Daniel, Mann, Johnson & Mendenhall) * Pershing MRBM miss-distance indicators

Acquisitions



Controversial projects



Iraqi health care centers

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 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. Parsons and USACE disputed the degree to which the final 20 centers were completed. 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".

CBOSS Positive train control system

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. 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." After the cancellation of the Parsons contract, Caltrain approved a new contract for an off-the-shelf PTC system from Wabtec.

References



External links


"Crucial Iraq police academy 'a disaster'"
''The Seattle Times'', September 28, 2006 {{Authority control Category:Companies based in Fairfax County, Virginia Category:Construction and civil engineering companies established in 1944 Category:Construction and civil engineering companies of the United States Category:Defense companies of the United States Category:Engineering companies of the United States Category:1944 establishments in California Category:American companies established in 1944 Category:2019 initial public offerings Category:Companies listed on the New York Stock Exchange Category:Strait of Messina Bridge