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The GEO Group, Inc.
The GEO Group Announces 545-Bed Expansion of the 1,030-Bed Northwest Detention Center in Tacoma, Washington
August 18th, 2008
The GEO Group, Inc. (NYSE:GEO) ("GEO") announced plans for a 545-bed expansion of the 1,030-bed Northwest Detention Center (the "Center") located in Tacoma, Washington. The expansion of the company-owned Center, which currently houses immigration detainees, will increase the Center's total capacity to 1,575 beds.
GEO expects the 545-bed expansion to cost approximately $40.0 million and to be completed in September 2009. GEO expects that the expanded Center will help meet the increased demand for detention bed space by federal, state, and local government agencies around the country.
George C. Zoley, Chairman of the Board, Chief Executive Officer and...
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Source: Business and Finance Week (2008-08-18)