Parsons Pockets Federal Aviation Administration Contract With $1.8B Ceiling

Parsons Corp PSN has secured the recompete Technical Support Services Contract 5 by the Federal Aviation Administration (FAA), with a ceiling value of $1.8 billion.
This contract will support the FAA's Aviation System Capital Investment Plan (CIP) and includes a base period of four years and two three-year option periods.
"Through this new award, we'll continue to leverage our engineering, infrastructure, and project management expertise to support the FAA in sustaining their global aviation leadership and modernizing the safest, most efficient aerospace system in the world," commented Jon Moretta, president, Engineered Systems for Parsons.
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Through this new contract, Parsons will support the implementation of the FAA's Aviation System CIP through engineering, construction, and project management services.
Price Action: PSN shares closed higher by 0.93% at $45.54 on Wednesday.