Parsons And Vanir Form Joint Venture In Pursuit Of Sacramento International Airport’s Expansion Program
CHANTILLY, Va. (February 1, 2024) – Parsons Corporation (NYSE: PSN) announced today that the company is leading a joint venture with Vanir to pursue a construction management contract for SMForward, a $1.3 billion airport improvement and expansion program that will support the growth and development of the Sacramento International Airport (SMF).
As part of the Sacramento County Department of Airports strategic vision, SMForward represents the largest construction program in Sacramento’s history and will significantly enhance the convenience, comfort, and accessibility of the airport for all travelers. This ambitious project is a complete transformation of the airport experience for the people of Sacramento and its visitors and will accommodate projected passenger growth and support further development in the region.
“Parsons is helping our clients imagine the future of global infrastructure by dreaming, designing, building, and delivering complex infrastructure projects that advance connectivity, improve local economies, increase sustainability, and enhance the quality of life in our communities,” said Catherine Cronin, senior vice president, Aviation for Parsons. “Ranked as #6 on J.D. Power’s list of best large airports in America, we are excited for the opportunity to support further passenger growth for this iconic gateway into Northern California.”
Parsons has planned, designed, constructed, and managed complex landside and airside infrastructure works for more than 450 airports in 40 countries, including Los Angeles International (LAX), Fort Lauderdale (FLL), Hartsfield-Jackson Atlanta International Airport (ATL), and Newark Liberty International Airport (EWR), among others. Parsons’ recent civil engineering work on EWR’s Terminal A received an Excellence in Sustainability Award and Airport/Transit Award of Merit from the Engineering News-Record (ENR).
Vanir is headquartered in Sacramento and is known for its engagement in the community, broad aviation experience and for delivering some of the region’s most vital facilities. This includes the renovation and new construction of numerous K-12 schools, renovation of the historic Stanley Mosk Library and Courts building on Capitol Mall, and the recently completed UC Davis Health Ambulatory Care Center Expansion/Ernest E. Tschannen Eye Institute.
“We live here and routinely travel through SMF, our team thoroughly understands the critical need for SMForward,” said Dorene C. Dominguez, chairwoman and CEO of Vanir. “We are excited to collaborate with Parsons to pursue this program and potentially bring our 60 years of experience and commitment, including extensive experience in aviation, to help deliver these vital improvements for our hometown airport.”
To learn more about Parsons’ aviation expertise, visit www.parsons.com/aviation. To learn more about Vanir’s aviation expertise, visit www.vanir.com/market/transportation.
About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.
About Vanir
Vanir is a national leader in program, project and construction management and real estate development. Ranked as a top firm by Engineering News-Record for more than three decades, our award-winning team provides a full range of services to public and private sector clients in the aviation and transportation; healthcare; education (K-12 and higher); justice and essential services; science and technology; state and local government; commercial, residential, and nonprofit; energy; and water and wastewater markets.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.
###