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General Electric Company (NYSE:GE) Declares Location for Its New Global Headquarters in Boston

General Electric Company, NYSE:GE, GE

On Thursday, General Electric Company (NYSE:GE) showed bearish trend with lower momentum of -0.47% to trade at $30.93. The company traded total volume of 13,881,327 shares as contrast to its average volume of 44,584,000 shares. The company has a market value of $287.64B and about 9.29B shares outstanding. During the 52-week trading session the minimum price at which share price traded, registered at $19.37 and reached to max level of $31.49.

General Electric Company, a diversified infrastructure and financial services company, declared today that its headquarters will be located in the Seaport District of Boston along Necco Street. The property is under agreement to be purchased from P&G and sits at the edge of its 44 acre South Boston campus—at 5 and 6 Necco Way, representing roughly 2.50 acres.

The new headquarters will include a combination of existing buildings and new construction. The purchase consists of two historic buildings, which will be renovated, and an adjoining parking lot, on which GE will build a new building. Employees will move to a temporary location in Boston on Farnsworth Street starting in the summer of 2016, with a full move accomplished in several steps by 2018.

“South Boston is a major hub for innovation and development and GE is anxious to be a part of such a dynamic and creative ecosystem that is leading the future,” said GE Vice President Ann Klee. “This centrally-located property presents an excellent opportunity to enhance the Seaport District and the surrounding community. We look forward to bringing our headquarters to South Boston.”

Charlie Pierce, president, The Gillette Company at P&G, said “When GE contacted us, we saw an opportunity to greet a world class innovation leader into our neighborhood, benefiting the local community, enhancing the Seaport District and generating value for our shareholders. We’ve designed and manufactured some of the most cutting-edge shaving technology in the world at this site for over a century and it will keep on playing a noteworthy role for us in the future.”

GE declared the move of its headquarters to Boston in January 2016. Boston was selected after a careful evaluation of the business ecosystem, talent, long-term costs, employee experience, connections with the world and proximity to other important company assets. Greater Boston is home to 55 colleges and universities. Massachusetts spends more on research & development than any other region in the world, and Boston attracts a diverse, technologically-fluent workforce. GE will sell its offices in Fairfield, CT and at 30 Rockefeller Plaza in New York City to offset the cost of the move.

In Boston, GE will have round about 800 people; 200 from corporate staff and 600 digital industrial product managers, designers and developers split between GE Digital, Current, robotics and Life Sciences. GE already has a noteworthy existing presence in Massachusetts, with almost 5,000 employees across the state in businesses counting Aviation, Oil & Gas and Energy Administration. In 2014, GE moved its Life Sciences headquarters to Marlborough, and in 2015 GE declared its energy services start-up, Current, would also be headquartered in Boston.

GE Vice President Ann Klee said, “Going forward, GE plans to be an active part of the Boston community. We consider that Boston can capture future growth in important new innovation in the industrial internet and advanced manufacturing. In addition, the GE team plans to bring a spirit of volunteerism and generosity to community efforts.”

General Electric Company (NYSE:GE) offered net profit margin of -16.80% while its gross profit margin was 27.60%. ROE was recorded as -18.40% while beta factor was 1.18. The stock, as of recent close, has shown weekly upbeat performance of 2.98% which was maintained at 27.05% in this year.

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