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| Wackenhut Corrections to change its name |
| By The Miami Herald |
| Published: 10/27/2003 |
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More than 15 years after George Wackenhut steered his venerable security firm into the business of managing prisons, the spin-off is shedding his name, under a plan announced Tuesday. Wackenhut Corrections Corp., the Palm Beach Gardens prison-management company, formally controlled by 49-year-old Wackenhut Corp., will ask its shareholders next month to change its name to The Geo Group Inc. A series of corporate transactions and divestitures led to the proposed name change. Most importantly, last year the parent company, founded in Miami in 1954, was acquired by Group 4 Falck A/S, of Denmark. As part of that deal, Group 4 Falck got a controlling interest in Wackenhut Corrections. But Wackenhut Corrections, whose shares trade on the NYSE, bought that stake back earlier this year for $132 million -- with the agreement that it would drop the Wackenhut name. Pablo Paez, a spokesman for Wackenhut Corrections, said the new ''Geo'' name isn't an abbreviated reference to the founder, however. ''It represents a global company,'' he said. The company said proxy materials are being mailed to shareholders. |
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