General Electric will leave its Fairfield headquarters of 42 years for Boston, according to the Boston Globe, which cited unnamed sources.
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General Electric first announced its intention to move its headquarter after CT passed a budget the company deemed unfriendly to business.
According to The Boston Globe, GE executives called Massachusetts Governor Charlie Baker and Mayor Marty Walsh Wednesday to let them know a formal announcement will come Thursday.
Shares of GE were up 15 cents at $28.79 in morning trading. The company has been looking for a new home since last summer when it said it was unhappy with Connecticut’s corporate tax structure.
The company has reportedly spent more than six months considering locations across the country, and was said to have narrowed its choice to either Boston or NY.
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About 800 people are employed at the Fairfield… In a later special session, some of those corporate tax increases were reduced. Much of the details around the move are yet to be decided, but it is expected approximately 600 employees will work out of Boston. The company had 4,900 workers across CT, primarily in the Norwalk offices of the GE Capital lending unit that is shrinking to shift focus to manufacturing operations.
