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Wackenhut Completes Fifth Prison Opening Of Quarter
PALM BEACH GARDENS, Fla., March 31 /PRNewswire/ -- The Australian
subsidiary of Wackenhut Corrections (NYSE: WHC) opened the new
600-bed Fulham Correctional Centre, a men's prison in West Sale,
Australia, under a twenty year agreement with the Department of
Justice of Victoria, consisting of an initial five-year contract
followed by five 3-year renewal options.
The Wackenhut subsidiary will provide administration, security,
health and rehabilitation services and full integration with the
Victorian Prison System. The facility was designed, built and
financed by a Wackenhut Corrections joint venture.
Dr. George C. Zoley, vice chairman and chief executive officer of
Wackenhut Corrections, said, "This is the fifth facility our
company has opened since the first of the year, and we feel
gratified in being able to simultaneously complete this number of
successful new projects. The majority of the new contracts have
provisions for minimum funding guarantees, regardless of prisoner
occupancy. We expect the additional revenues to generate
increased earnings beginning in the second quarter. The
annualized revenue value of the five new contracts, totaling more
than 3,500 beds, is approximately $60 million."
Wackenhut Corrections, based in Palm Beach Gardens, is a world
leader in the privatized corrections industry, and has
awards/contracts to manage 34 facilities in North America, Europe
and Australia with a total of over 24,500 beds. Wackenhut's
management of Australian facilities, in addition to the Victoria
site, include a 578-bed remand and reception center in
Queensland, and a 600-bed correctional center in New South Wales.
Wackenhut is the recognized leader in prison privatization in the
The company offers government agencies a turnkey approach to
developing new institutions that includes design, construction
and financing. Its array of services extends to general facility
management, health services, food and inmate rehabilitation
services for juveniles and adults in a secure environment.
Rehabilitation services include basic education, vocational
training, chemical dependency treatment and counseling.
SOURCE Wackenhut Corrections