GE to downsize Boston headquarters, reimburse state $87M [FOX Business Network]
GE Aerospace (GE)
Last ge aerospace earnings: 4/30 04:02 pm
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Source: FOX Business Network
GE to downsize Boston headquarters, reimburse state $87M General Electric The industrial conglomerate has been restructuring its operations amid sagging profits and other negative developments in recent years. Continue Reading Below GE said it was formally dropping plans to build a 12-story office tower on the city's waterfront that was to be the centerpiece of its new global headquarters, and instead sell that parcel of land along with two older, state-owned buildings that were being refurbished for the company. Following the sale, the company said it would reimburse MassDevelopment, an independent state agency, for $87 million in "out-of-pocket" expenses, including money spent to purchase the two brick buildings which once housed a candy factory, and other construction and financing costs. GE plans to lease space in those buildings after the sale for its permanent headquarters with about 250 workers, down from its original estimate of 800 that it planned to have in the city. "While
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