General Electric Headquarter To Be Relocated
General Electric to move its headquarter to Boston.
General Electric Company has revealed its plans of establishing a new headquarters that will be situated at the Seaport District of Boston. The company has plans to get ownership of almost 2.5 acres of land that belongs to Procter and Gamble.
The individuals working at the company will be moved to a location in Boston on a temporary basis. The reason behind this the wait is that the renovation works are in progress. By the summers of 2016, the new headquarter will be ready and set for operations. However, the transition will be done in stages and will complete in two years’ time.
The reason why GE chose Boston as the potential location for the headquarter is because of its business environment, employee experience, the business costs in the long run and it is closely linked to most of the areas across the globe. As per the company, they will sell out their offices that are situated in Fairfield, New York Connecticut so that they can overcome the shifting costs.
It seems like a sane decision by the company to move to Boston since there are numerous growth opportunities in the region. The cost of buying the land in a onetime cost but has long term benefits for them. A sound business environment adds positively to consumer and employee experience which is another advantage for them. Lastly, its close affiliations with other countries across the globe add to the accessibility factor for any business.
Ann Klee, the Vice President for General Electric stated that the company is eager about the new location. This will not only benefit the company but will also add to the value of Seaport District by providing an opportunity to prosper for the location and the communities adjacent to it.
She further stated, “Going forward, GE plans to be an active part of the Boston community. We believe that Boston can capture future growth in important new innovation in the industrial internet and advanced manufacturing.”
Charlie Pierce, the President of P&G stated that his company ae looking at the decision made by General electric as a gesture of goodwill. He is optimistic that the initiative will turn out to be a milestone for them by adding to the company’s prosperity. The location chosen by GE is also used by P&G to manufacture technology.
It is evident that both the parties are now anticipating the buyout and it will also help strengthen relations between them in the long run as perceived by various analysts.
The company has various plans for the new headquarters where 800 individuals will be housed at Bostin among which 200 will serve as the corporate staff whereas the remaining will be designers, digital industrial product managers and developers. The GE business segments such as Oil and Gas, Aviation, Energy Management business is spread throughout Massachusetts comprising of almost 5,000 individuals as of yet.
Hence the growth prospects are likely to increase with the company’s debut in Boston in the times to come.
