Reuters
Published Oct 18, 2022 11:32AM ET
Updated Oct 18, 2022 12:11PM ET
CHICAGO (Reuters) - General Electric (NYSE:GE) Co plans to wind down physical office space in Boston and some other corporate sites as it prepares to split into three independent businesses, a company spokesperson said on Tuesday.
The industrial conglomerate plans to spin off its healthcare business next year, and combine its power and renewable energy units to be spun off in 2024. GE itself will then become an aviation company.
The spokesperson said GE's global headquarters will remain in Boston "at this time", adding the company is working to locate a new and smaller office space.
As part of the plan, GE will consolidate office space in Norwalk, Connecticut, and exit its facility at Madison Avenue in New York in December.
The company will also pursue a sale of its Crotonville learning campus in New York, the spokesperson said.
GE's shares were up 2.4% at $70.29 in mid-day trade.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.