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Stock impact report

GE to repay US$87M for scaled-back headquarters plan [Business News Network (BNN) Energy & Resources (Canada)]

General Electric Company (GE) 
Last general electric company earnings: 4/30 04:02 pm Check Earnings Report
US:NYSE Investor Relations: ge.com/investor-relations/overview
GE to repay US$87M for scaled-back headquarters plan General Electric Co. ( GE.N ) will reimburse the state of Massachusetts for funds used to develop the manufacturer’s future headquarters, a project that is now being scaled back under Chief Executive Officer Larry Culp. GE and the state will jointly sell the property in Boston’s Fort Point neighborhood where the company will make its future home, according to an agreement revealed Thursday. GE still plans to move into the campus later this year -- as a tenant rather than owner -- but it’s scrapping plans to build an adjacent 12-story tower. GE expects to use proceeds from the sale to reimburse the state for US$87 million it spent on buying and developing the property. Under the original 2016 agreement luring GE from Fairfield, Connecticut, officials in Massachusetts had offered an incentive package valued at about US$120 million, in addition to US$25 million in tax savings from the city of Boston. The scaled-back project -- announce Show less Read more
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