Parsons Expands Water Infrastructure Capabilities with Acquisition
Parsons Corporation Acquires Applied Sciences Consulting
Recently, Parsons Corporation (NYSE: PSN) made a significant move by acquiring Applied Sciences Consulting, Inc., an engineering firm renowned for its expertise in water and stormwater solutions. This strategic acquisition will further bolster Parsons' service capabilities in the infrastructure sector.
About Applied Sciences Consulting, Inc.
Founded in 2005 and headquartered in Tampa, Florida, Applied Sciences specializes in providing engineering solutions that cater to the unique water management needs of municipalities across the state. The firm has earned a solid reputation for its commitment to enhancing the resilience of local water infrastructures, making it a valuable addition to Parsons.
Strategic Benefits of the Acquisition
The integration of Applied Sciences into Parsons' North America Infrastructure unit will enhance Parsons' operational reach and expertise in water-related projects. Additionally, this acquisition aligns perfectly with Parsons' long-term strategy of pursuing accretive acquisitions that promise revenue growth and robust EBITDA margins. The all-cash transaction is expected to contribute positively to Parsons' financial performance in the coming years.
Leadership Insights
Carey Smith, the chair, president, and CEO of Parsons Corporation, expressed excitement about this acquisition. He noted, "Parsons is an industry leader in the water sector, having transformed complex water and wastewater projects through advanced innovations. With Florida's continued investment in water infrastructure, this acquisition will enable us to leverage our global expertise, thereby improving community health and development in the Southeast and nationwide."
The Future of Water Infrastructure in Florida
Florida's commitment to investing billions in water infrastructure is a critical factor in its economic sustainability and environmental safety. These investments will help cities and towns enhance resilience against climate-related challenges, secure essential water supplies, and protect vulnerable coastal regions. By acquiring Applied Sciences, Parsons is well-positioned to collaborate with various stakeholders in Florida to deliver advanced resiliency solutions that meet these pressing challenges.
The Vision of Applied Sciences Founder
Elie Araj, the founder and president of Applied Sciences, shared his vision for the future while reflecting on the company's journey. “When I founded Applied Sciences 20 years ago, I strongly believed that responsible engineering could help communities tackle their toughest challenges and enhance resilience. Joining forces with Parsons allows us to magnify our impact, extending our solutions nationally and globally.”
Parsons Corporation: A Leader in Infrastructure Development
Parsons Corporation, a leader in disruptive technology across national security and global infrastructure markets, continues to offer innovative solutions in various sectors, including transportation, the environment, and critical infrastructure protection. As Parsons moves forward with Applied Sciences, the company reaffirms its commitment to creating sustainable and resilient infrastructures that serve society's evolving needs.
Frequently Asked Questions
What is the primary reason for Parsons acquiring Applied Sciences?
The acquisition aims to enhance Parsons' capabilities in water and stormwater solutions, allowing for stronger service delivery in the infrastructure sector.
How will this acquisition impact Parsons' operations?
This acquisition expands Parsons' operational reach and expertise in water management, integrating Applied Sciences into its North America Infrastructure unit.
What are some areas of focus for Applied Sciences?
Applied Sciences specializes in addressing complex water management needs within municipalities, focusing on enhancing resilience and community benefits.
What future opportunities does Parsons see from this acquisition?
Parsons expects to deliver advanced solutions benefiting various Florida communities while potentially expanding its influence in water management globally.
Who should I contact for more information?
For media inquiries, please reach out to Bernadette Miller at +1 980.253.9781. For investor relations, contact Dave Spille at +1 703.775.6191.
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