Corrections business drops Wackenhut name
December 4, 2003
BOCA RATON, Fla. - This week Wackenhut Corrections Corp. changed its name to The GEO Group, 15 years after the companyÃ¢â‚¬â„¢s founder, George Wackenhut, entered the prison management business.
Shareholders approved the name change in late November. The company needed to make the name change as part of terms reached in April 2003 to repurchase common stock held by Group 4 Falck, which became a majority shareholder in the company when it bought its parent company, Wackenhut Corp. in 2002.
The prison management company paid Group 4 Falck $132 million for the shares and at that time agreed to drop the Wackenhut name.