07:29 AM EDT, 03/20/2025 (MT Newswires) -- 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.