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CoreCivic wins federal contract at Ohio correctional facility

U.S. Immigration and Customs Enforcement awarded CoreCivic Inc. a contract at the company's Northeast Ohio Correctional Center.

The initial term of the contract expires March 31, 2017, with four six-month renewal options.

CoreCivic said it started hiring additional workers at the 2,016-bed facility, which it expects to accommodate as many as 500 additional detainees in the next several months. Currently, the facility houses some 600 detainees from the U.S. Marshals Service.

The company recently cut its dividend to reflect the business' current cash flows after ICE renegotiated its contract for the South Texas Family Residential Center in October.