General Electric has a new home. The company will formally announce it is relocating its global headquarters to Boston on Thursday, according to the Boston Globe.
Company officials notified Massachusetts Gov. Charlie Baker and Boston Mayor Marty Walsh of their decision on Wednesday, the Globe reported. The move comes after efforts from a number of states, including New York, Georgia and Rhode Island, to convince the global conglomerate to relocate from its current spot in Fairfield, Connecticut. GE has not yet commented on the reports.
The company had been considering a move from Connecticut since last summer, when legislators passed a budget that included tax increases. CEO Jeff Immelt had previously said the company would decide on its future by the end of 2015.
“Reports that Connecticut officials intend to raise taxes by another $750 million are truly discouraging,” the company said in a statement last summer about a proposed hike in corporate taxes. “Retroactively raising taxes again on Connecticut’s residents, businesses and services make businesses, including our own, and citizens seriously consider whether it makes any sense to continue to be located in this state.”
GE's share price held steady around $29 after the Globe published its report Wednesday.
Last April, GE announced it would be spinning off its financial services wing, GE Capital, over the following two years. At the time, GE said it was going to focus on “continued investment and growth in its world-class industrial businesses.”