History
In 1988, GEO was incorporated as Wackenhut Corrections Corporation and in 2003 GEO's Board of Directors approved a name change to The GEO Group, Inc. As of the fiscal year ended December 28, 2008, GEO managed 59 facilities totaling approximately 53,400 beds worldwide and had an additional 3,586 beds under development at seven facilities, including an expansion and renovation of one vacant facility which it owns and the expansion of six facilities which it currently operates, of which it owns three. Excluding its 200-bed Oak Creek Confinement Center, which is a facility held for sale at December 28, 2008, GEO maintained an average companywide facility occupancy rate of 96.6%.
The GEO Group owns and operates the Northwest Detention Center in Tacoma, Washington, under contract with U.S. Immigration and Customs Enforcement, the largest and primary investigative wing of the United States Department of Homeland Security. GEO Group also holds a large number of shares of the Correctional Services Corporation.
On August 12, 2010, Cornell Companies and GEO merged.
Read more about this topic: Geo Group
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