(RTTNews) - The GEO Group, Inc. (GEO) has signed a contract with U.S. Immigration and Customs Enforcement - ICE to activate a 1,800-bed federal immigration processing center at its North Lake Facility in Baldwin, Michigan.
A long-term agreement is expected within months, with the multi-year contract projected to generate over $70 million annually.
GEO will provide security, maintenance, food services, medical care, legal access, and recreational amenities, with margins aligned to its Secure Services facilities.
Executive Chairman George Zoley emphasized the facility's role in supporting federal immigration enforcement and highlighted GEO's 40-year partnership with ICE.
GEO is currently trading at $28.97 or 2.84% higher on the NYSE.
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