GEO Group (GEO) said Thursday it signed a contract with the US Immigration and Customs Enforcement to immediately activate a federal immigration processing center at the company's North Lake facility in Baldwin, Michigan.
The parties expect to finalize a long-term contract within a few months, the company said.
GEO said it expects to offer support services for ICE at the facility under a multiyear contract that would likely generate more than $70 million in annualized revenue in the first full year of operations.
The company's shares were up 2.1% in recent premarket activity.
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