GE is moving its corporate headquarters to Boston.
“We want to be at the center of an ecosystem that shares our aspirations,” said GE CEO Jeffrey Immelt in a press release.
The company is currently headquartered in Fairfield, Connecticut. The business has strongly hinted in recent years that it is not happy with Connecticut taxes, and that it would leave the state.
“Reports that Connecticut officials intend to raise taxes by another $750 million are truly discouraging,” GE said on June 1, 2015.
“Retroactively raising taxes again on Connecticut’s residents, businesses and services makes businesses, including our own, and citizens seriously consider whether it makes any sense to continue to be located in this state.”
The relocation process will begin this summer and will be completed by the end of 2018.
GE is receiving a package of incentives to move to Boston. Those incentives will be paid at the local and state levels.
The company hopes to sell its offices in Fairfield as well as its 30 Rockefeller Center building in New York City.
The company will relocate to the Seaport District of Boston and will employ 800 people at that location.