Parsons

About Parsons

Parsons provides engineering, construction, and management services for corporate, industrial, institutional, and government projects worldwide. The company designs and builds power plants, dams, and commercial buildings; provides environmental remediation services including hazardous materials cleanup; and adds improvements to airports, rail systems, – more... bridges, and highways. Its Commercial Technology unit serves corporate and government clients with capabilities including design, development, management, and support services. Other units include Parsons Water & Infrastructure, Parsons Infrastructure & Technology, and Parsons Transportation. The employee-owned group was founded in 1944.

Operations

Parsons competes in several major industries and in every major region of the world. The company has some 11,500 employees who are involved in more than 2,200 projects across 50 US states and in 25 countries. Its client roster includes telecom carriers, equipment manufacturers, government agencies, pharmaceutical firms, defense contractors, and transportation agencies. Parsons participates in such initiatives as the US Army's program to develop alternative technologies for the destruction of chemical weapons. The group also has had decades of experience internationally in infrastructure restoration, including work in Bosnia-Herzegovina and Kosovo.

Strategy

Parsons is participating in the $4.5 billion renovation of the Pentagon, the largest design/build office renovation project in the US. Through a joint venture, the company provides project and construction management services for the renovation, which is the first major upgrade for the site since its construction more than 50 years ago. Other major recent projects include the $6 billion expansion of the Seattle-Tacoma International Airport, the Tom Bradley International Terminal at Los Angeles International Airport, and Dubai Metro, which is the United Arab Emirates' first transit rail system.

Financial Analysis

Parsons has experienced a drop in revenue since achieving a record high in 2008. Like many construction and engineering firms, the company's growth was stalled by waning demand as many clients either delayed projects or scrapped them altogether during the economic downturn. However, the company continues to earn new projects. Its revenue backlog has increased. Its geographic diversity and its range of service capabilities has also helped it weather the dip in the economy.

Mergers & Acquisitions

Parsons is looking to further strengthen its service diversity. The company was awarded a Technical Support Services Contract from the Federal Aviation Administration in late 2012. As part of the cost-plus-award-free contract, Parsons provides engineering, technical, and construction services to the FAA that will include site surveys and selection; equipment installation, removal, and testing; warehousing; and fire and life safety, among other items. In 2011 it acquired SPARTA (dba, Cobham Analytic Solutions), which offers systems engineering, cybersecurity, and mission support services mostly to federal government clients. The deal helped broaden Parson's ability to serve clients in the national security market. In 2012 the company acquired Canadian environmental consultancy O'Connor Associates.

Ownership

Parsons is 100% owned by the Employee Stock Ownership Trust. – less

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