Parsons-Vanir JV Awarded Sacramento International Airport’s CMI Contract

Rhea-AI Summary

Parsons (NYSE: PSN) has announced a significant $30 million, five-year contract as part of a joint venture with Vanir. The Parsons/Vanir Joint Venture (PVJV) has been selected by the Sacramento County Department of Airports to provide construction management and inspection (CMI) services for the Sacramento International Airport (SMF) SMForward Program.

This contract is part of SMF's larger $1.3 billion airport improvement program, which aims to expand terminal gates and improve landside projects to support the airport's growth and modernization. The PVJV's scope includes managing the construction of a new parking structure, a Consolidated Rental Car Facility, additional gates at Terminals A and B, roadway improvements, and a passenger skywalk to Concourse B.

Positive

• Secured a $30 million, five-year contract for CMI services
• Involvement in a large-scale $1.3 billion airport improvement program
• Expansion of Parsons' presence in the aviation sector
• Potential for long-term revenue stream from the five-year contract duration

Negative

• None.

CHANTILLY, Va., July 26, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company, in a joint venture with Vanir, was selected by the Sacramento County Department of Airports to provide construction management and inspection (CMI) services in support of the Sacramento International Airport (SMF) SMForward Program. The $30 million, five-year contract engages Parsons/Vanir’s joint venture (PVJV) in SMF’s $1.3 billion airport improvement program, which includes terminal gate expansions and landside projects to support the airport’s growth and modernization.

"Parsons is honored to partner with Vanir and the Sacramento County Department of Airports on this exciting and transformative program," said Mark Fialkowski, president of Infrastructure North America for Parsons. "We bring decades of experience in aviation engineering, program management, and consulting services, as well as innovative solutions that enhance safety, efficiency, and sustainability. We look forward to working with our team and the airport stakeholders to deliver SMForward and create a world-class travel experience for the Sacramento community and visitors."

SMForward, one of Sacramento County Department of Airports' largest capital improvement programs, will significantly enhance the convenience, comfort, and accessibility of SMF, helping accommodate projected passenger growth and further economic development in the region. PVJV’s scope includes the construction management and inspection services for a new parking structure, a new Consolidated Rental Car Facility, additional gates at Terminal A and Terminal B, roadway improvements, and a passenger skywalk to Concourse B.

“Headquartered in Sacramento, Vanir is proud and honored to be involved locally in the SMForward Program alongside our partner, Parsons Corporation. As an industry leader in program, project and construction management, Vanir is privileged to bring its high-quality services to our community. This highly anticipated airport expansion project will have a significant impact on Sacramento, and we are thrilled to collaborate on this remarkable project,” stated Vanir Chairwoman & CEO Dorene Dominguez. 

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. Explore Vanir.com and connect with us on LinkedIn and Facebook to learn more about the communities we serve.

About Sacramento County Department of Airports
The Sacramento County Department of Airports is responsible for planning, developing, operating and maintaining the county’s four airports: Sacramento International Airport, Executive Airport, Mather Airport and Franklin Field. Sacramento International Airport offers more than 155 daily nonstop flights on 12 domestic and international carriers to 36 destinations. The regional economic impact of the Sacramento County Department of Airports is more than $4 billion annually. For more information, visit sacramento.aero.

Media Contact:                                        
Chelsie McKittrick
+1 512.719.6877
Chelsie.Mckittrick@parsons.com

Investor Relations Contact:
Dave Spille
+1 703.775.6191
Dave.Spille@parsons.us

FAQ

What is the value of the contract awarded to Parsons-Vanir JV for Sacramento International Airport?

The Parsons-Vanir Joint Venture (PVJV) was awarded a $30 million, five-year contract for construction management and inspection services at Sacramento International Airport.

What is the total value of the SMForward Program at Sacramento International Airport?

The SMForward Program at Sacramento International Airport is a $1.3 billion airport improvement program aimed at growth and modernization.

What specific projects will Parsons-Vanir JV manage at Sacramento International Airport (SMF)?

PVJV will manage the construction of a new parking structure, a Consolidated Rental Car Facility, additional gates at Terminals A and B, roadway improvements, and a passenger skywalk to Concourse B at SMF.

How will the SMForward Program impact Parsons 's (PSN) business in the aviation sector?

The SMForward Program contract expands Parsons 's (PSN) presence in the aviation sector, potentially leading to more opportunities and a steady revenue stream over the five-year contract period.