Geo Group said it will begin expanding a Colorado Immigration and Customs Enforcement center by 1,100 beds in the fourth quarter of 2007.
The Aurora ICE Processing Center in Aurora, Colo. is owned and managed by Geo under contract with U.S. Immigration and Customs Enforcement. It currently has 400 beds.
The Boca Raton-based correctional, detention and residential treatment firm said the expansion will cost about $72 million. It expects to finish construction in the third quarter of 2009.
At 90 percent capacity, Geo expects the additional beds to generate about $30 million in annual revenue.
Shares closed Friday at $28.64. The 52-week high was $32.93 on Sept. 19. The 52-week low was $16.94 on Dec. 20.
credited by: bizjournals.com
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