General Electric announced today it's moving its corporate headquarters to the South Boston waterfront from Connecticut.
“GE aspires to be the most competitive company in the world,” said GE Chairman and CEO Jeff Immelt. “Today, GE is a $130 billion high-tech global industrial company, one that is leading the digital transformation of industry. We want to be at the center of an ecosystem that shares our aspirations. Greater Boston is home to 55 colleges and universities. Massachusetts spends more on research & development than any other region in the world, and Boston attracts a diverse, technologically-fluent workforce focused on solving challenges for the world. ...
In Boston, GE will have roughly 800 people; 200 from corporate staff and 600 digital industrial product managers, designers and developers split between GE Digital, Current, robotics and Life Sciences. A GE Digital Foundry will be created for co-creation, incubation and product development with customers, startups and partners.
The company did not say specifically where the new headquarters would be, but that employees will start moving up here this summer. GE expects the entire move to take about two years.
Mayor Walsh announced he is readying a $25-million tax break while the state is looking at a $120-million goodie bag to entice GE to move its high-paid executives here.
In addition, the two announced extra commitments, including $1 million for workforce training and money to help "eligible" GE workers buy homes in Boston. Also: "Up to $5 million for an innovation center to forge connections between GE and innovators from Massachusetts research institutions and the higher education community."
The two also agreed not to renege on plans to improve transportation in the waterfront area.
In a statement, Walsh said:
Boston is delighted and honored to welcome General Electric and its employees to our community and we are confident that this is the start of a strong partnership.
In addition to the tax breaks - to be spread out over 20 years, GE will finance the move by selling its current headquarters in Fairfield, CT and offices at 30 Rockefeller Plaza in New York.