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Thu Feb 14, 2019, 04:36 PM

GE to downsize Boston headquarters, reimburse state $87M

Source: Associated Press

GE to downsize Boston headquarters, reimburse state $87M

February 14, 2019

BOSTON (AP) General Electric is downsizing plans for its world headquarters in Boston.

The company announced Thursday it has reached an agreement with Massachusetts to sell its waterfront property, which is partly owned by the state.

GE says that following the sale, it will pay back $87 million to Massachusetts which was spent luring the company to move its headquarters from Connecticut.

The company, which has been shrinking dramatically in recent years, cited changes in its portfolio and operating model.

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Read more: https://apnews.com/8a25431002a04ce79ad4150a8a0d36be

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