Now, in its latest step to remake itself – and its public image – as an industrial company for the digital era, GE said it was moving its headquarters from its longtime sprawling suburban home in Fairfield, Connecticut, to the high-tech environs of Boston. GE leaving CT is like that.
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“They will still have a major presence in CT”, he said.
“This wasn’t only about dollars and cents but what Boston and New England brings to the table”, said John Fish, chief executive officer of Suffolk Construction Company, New England’s largest building company.
On Wednesday, after the company confirmed the move, Walsh likened it to the city winning Powerball. “Losing an internationally renowned company like GE is a big hit to the state”. GE announced in June it was considering a move because CT lawmakers passed controversial business tax increases.
The self-described “digital industrial company” is focusing on software and analytics based solutions and equipment that promotes connectivity with its heavy equipment and other products in its industrial sectors.
MA and Boston are offering an ample package of incentives. “Today’s decision is a clear signal that CT must continue to adapt to a changing business climate”.
Tony Hwang (R) told Bloomberg BNA on Wednesday that the decision by GE to leave the state was “an avoidable scenario” and should convince legislative leaders of the need to address the state’s economic situation. “I know many in CT share the disappointment and frustration”.
GE plans to move some of its 800 workers in Fairfield, Connecticut to a temporary location in Boston this summer. The new headquarters, likely to be in the Seaport area of South Boston, is slated to employ about 800 people; the full move will be completed by 2018, the company said.
GE said the financial incentives from state and city governments vying for its headquarters were competitive.
GE said the relocation would have no significant impact on its finances, citing incentives provided by MA and Boston.
Boston is home to some 250,000 students at more than 55 colleges and universities, including world-class research hubs like Massachusetts Institute of Technology and Harvard University. The remainder of the administrative staff would be placed in shared-service operations throughout the company. The company is now housed in CT and will announce the move Thursday, The Boston Globe reported.
“Of course we are disappointed”, Connecticut Gov. Dannel P. Malloy said in a statement following the announcement.
“I don’t necessarily think that it will, but we can’t underplay the significance of it”, he said.
NY officials had hoped to attract GE, but the company said it not only is pulling out of CT but will be selling its offices at 30 Rockefeller Plaza in Manhattan. Now, they are making good on that promise. Don’t include URLs to Web sites.
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