General Electric Company: Next Year to Decide Home Base

20 Jan 2016 | Author: | No comments yet »

GE Postponing Whether To Move Connecticut Headquarters.

FAIRFIELD, Conn. (AP) – General Electric Co. says it is postponing a decision until next month about whether it will move its headquarters from Fairfield. A company spokesman told the Hartford Courant ( ) Friday that top GE officials now expect “to make a decision in January.” GE did not give a reason for the postponement. Employees were informed in a memo this week that the selection would be delayed to ensure that corporate leaders have enough time to make the right choice. Currently based in Fairfield, Connecticut, the firm has been contemplating relocating ever since state lawmakers approved a $1.2 billion increase in taxes in the summer.

People familiar with GE’s search have placed Boston and New York on the short list of options, although the company hasn’t publicly ruled out staying in Fairfield, Conn. Malloy having called a special session of the Connecticut General Assembly in December in an effort to find ways to close a budget gap while softening the burden on businesses of any tax increases. The states of Georgia and Texas have been crossed off the list; New York, Boston, and Connecticut are in the running, as well as Providence, Rhode Island.

In an investor conference this week, Immelt did not address the search for a new headquarters and the impact of the ongoing uncertainty on its local staff, with GE employing about 800 people in Fairfield. In other news, General Electric will most likely sign a deal on Tuesday authorizing the sale of its 23% stake in Hyundai Capital, a joint venture between itself and the majority owner Hyundai Motors.

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