Parsons Awarded Contract to Help Modernize Knoxville’s McGhee Tyson Airport Terminal
Parsons (NYSE: PSN) was selected by the Metropolitan Knoxville Airport Authority to provide program and construction management services for the five-year McGhee Tyson Airport Terminal Area Development Plan in Knoxville, Tennessee.
Sentiment and the balance of points
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Rhea-AI Summary
Parsons (NYSE: PSN) was selected by the Metropolitan Knoxville Airport Authority to provide program and construction management services for the five-year McGhee Tyson Airport Terminal Area Development Plan in Knoxville, Tennessee. The new contract adds a strategic aviation customer and focuses on terminal modernization, passenger growth, and long-term airport development, with Parsons supplying centralized oversight, FAA funding compliance support, and digital program management tools to improve cost, schedule, coordination, and transparency.
Positive
- New five-year PM/CM contract with Metropolitan Knoxville Airport Authority
- Expands Parsons’ aviation infrastructure portfolio with a new strategic airport customer
- Parsons to provide centralized oversight for cost, schedule, and FAA funding compliance
- Use of digital program management tools, dashboards, and analytics to support delivery
Negative
- None.
Details
News Market Reaction – PSN
On Aug 18, the day this news came out, PSN closed 1.56% above the previous close.
Data tracked by StockTitan Argus for the Aug 18 session.
Key Figures
- Contract duration
- five years
- McGhee Tyson Airport Terminal Area Development Plan
- Airports served
- over 450 airports
- Parsons aviation experience
- Countries served
- 40 countries
- Parsons aviation experience
Historical Context
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Awarded air defense task order with a $70 million ceiling
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Secured first CTRIC IV task order for Southeast Asian chemical security
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Won a $40 million national security electronic warfare contract
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Selected as lead designer for a South Carolina interchange project
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Reported a net loss and lowered 2026 financial guidance
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Key Takeaways:
- Parsons was selected by the Metropolitan Knoxville Airport Authority to provide PM/CM services for the Knoxville Airport Terminal Development Program.
- The five-year program will help Knoxville Airport safely accommodate passenger growth, modernize aging infrastructure, and improve traveler experience.
- Parsons’ aviation program delivery experience, digital program management tools, and Federal Aviation Administration funding compliance expertise will support transparent, data-driven project delivery.
CHANTILLY, Va., Aug. 18, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that it has been selected by the Metropolitan Knoxville Airport Authority to provide program and construction management (PM/CM) services for the McGhee Tyson Airport (TYS) Terminal Area Development Plan in Knoxville, Tennessee. The five-year contract, which is new work for the company, expands Parsons’ aviation infrastructure portfolio with a new customer.
Under the contract, Parsons will support a complex capital improvement program focused on terminal modernization, passenger growth, and long-term airport development to enhance the traveler’s experience. The company will provide centralized program oversight to help manage cost, schedule, stakeholder coordination, and compliance with Federal Aviation Administration (FAA) funding requirements.
“Parsons’ proven expertise spans the entirety of our business, from delivering complex infrastructure at major airports throughout North America and the Middle East, supporting the Federal Aviation Administration’s next-generation modernization program, and executing fire-fighting foam transitions,” said Martin Boson, president of Engineered Systems for Parsons. “This award expands our position in the aviation market with a new strategic airport customer, and we look forward to supporting the Metropolitan Knoxville Airport Authority as it advances a terminal development program that will enhance operations, improve the passenger experience, and support the region’s continued growth.”
Parsons will support transparent delivery by aligning program controls, stakeholder coordination, reporting, and construction oversight throughout the expected period of performance. In addition, the company will leverage digital program management and infrastructure delivery technologies to improve decision-making, including tools for managing cost and schedule; executive dashboards; cloud-based document and construction management systems; and data analytics for forecasting and performance monitoring.
Parsons, a leading global aviation solutions provider, has planned, designed, constructed, managed, enhanced, and sustained terminal, landside, and airside infrastructure for over 450 airports in 40 countries. This includes work on major airports including Zayed International Airport and Sharjah International Airport in the United Arab Emirates, Los Angeles International Airport in California, Newark Liberty International Airport in New Jersey, and John F. Kennedy International Airport in New York. From modernizing infrastructure to enhancing operational efficiency, the company leverages cutting-edge technology to address the evolving needs of the aviation industry.
To learn more about Parsons’ Aviation solutions, visit www.parsons.com/aviation/.
About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn to learn how we’re making an impact.
Media Contact:
Bernadette Miller
+1 980.253.9781
bernadette.miller@parsons.com
Investor Relations Contact:
Dave Spille
+1 703.775.6191
Dave.Spille@parsons.us
FAQ
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