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GE Spurns Westchester, Will Relocate From Fairfield To Boston

General Electric CEO Jeffrey Immelt
General Electric CEO Jeffrey Immelt Photo Credit: Facebook

General Electric Co. will move its global headquarters from Fairfield to Boston, with a formal announcement due on Thursday, the Boston Globe reports.

GE has been courted by New York, with Westchester considered a possible new location.

GE Chief Executive Officer Jeffrey Immelt said last June a team was looking into the options “to relocate corporate HQ to another state with a more pro-business environment.”

Terms of the deal, including the exact location of the new headquarters, were not available, according to the Globe. GE was looking at sites on the South Boston waterfront and another on Summer Street, the Globe said.

With nearly $150 billion a year in revenue, GE ranks eighth on the Fortune 500. It would be the largest publicly traded company based in Massachusetts.

It employs about 800 people on its campus headquarters off the Merritt Parkway in Fairfield, near the campus of Sacred Heart University.

The conglomerate first threatened to leave Connecticut last year after the state proposed an increase in some corporate taxes. Since then, Gov. Dannel Malloy and other state officials have negotiated with the company to keep it in Connecticut.

Other rumored possible locations for a new headquarters have included New York, including sites in Westchester County; Providence, R.I.; and Atlanta. The Globe reported earlier Wednesday that the the city of Boston and the state of Massachusetts had submitted a formal proposal to lure the headquarters to Massachusetts.

Click here to read the story at the Boston Globe.

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