Benzinga | Jan 20, 2021 06:57AM EST

The GEO Group Announces Decision By Federal Bureau Of Prisons To Not Renew Its Contract For Moshannon Valley Correctional Facility In Pennsylvania

The GEO Group, Inc. (NYSE:GEO) ("GEO") announced today that the Federal Bureau of Prisons has decided to not exercise the contract renewal option for the company-owned, 1,878-bed Moshannon Valley Correctional Facility in Pennsylvania, when the contract base period expires on March 31, 2021. The contract for the Moshannon Valley Correctional Facility generated approximately $42 million in annualized revenues for GEO. GEO expects to market the Moshannon Valley Correctional Facility to other federal and state agencies.