Parsons Corporation ( PSN ) shares are trading relatively flat in the premarket session on Tuesday.

The firm announced the acquisition of TRS Group, an environmental solutions firm specializing in remediation technology, in an all-cash deal valued at $36 million.

This deal is set to enhance Parsons’ Federal Solutions and Critical Infrastructure segments, particularly in environmental remediation.

Founded in 2000, TRS Group addresses per- and polyfluoroalkyl substances (PFAS), along with other hazardous contaminants in soil, groundwater, and fire suppression systems.

TRS has completed over 160 thermal remediation projects. It aims to eliminate volatile organic compounds, including PFAS, energetics, and pesticides.

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Its thermal remediation technology accelerates the breakdown of hazardous substances, offering an efficient and sustainable solution for environmental cleanup.

The acquisition significantly strengthens Parsons' position in the PFAS remediation market, an area of increasing importance due to growing state regulations and environmental concerns. TRS’ license for the PerfluorAd technology, which helps remove PFAS from a range of systems, further adds to the value of this acquisition.

Parsons CEO Carey Smith expressed excitement about the synergies between both companies’ cultures of innovation and commitment to improving environmental health.

“The acquisition of TRS Group significantly enhances Parsons’ environmental remediation capabilities,” Smith said.

TRS President Brett Trowbridge highlighted the potential to create solutions that benefit communities and preserve natural resources as the two companies move forward together.

According to Benzinga Pro, PSN stock has gained over 18% in the past year. Investors can gain exposure to the stock via Professionally Managed Portfolios Otter Creek Focus Strategy ETF .

Price Action: PSN shares are trading higher by 0.76% to $77.95 premarket at last check Tuesday.

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