GE - GE Stock Surged as It Is Rumored to Eliminate Office Space as Part of the Anticipated Separation
GE Stock ( NYSE:GE )
General Electric ( NYSE:GE ) was rumored to be cutting down on office space in Boston and other corporate sites as the industrial behemoth gets set to split into three entities. GE stock surged when the news hit the market.
As of last week, the business has submitted the necessary registration papers for GE Healthcare spinoff shares, which will begin trading as a separate entity in 2019. In 2024, GE will separate its power and renewable energy divisions into a new business named Vernova. The remaining GE will focus only on the aerospace industry.
A spokesman for GE stock told Reuters that even though the business is looking for new, smaller office space, the global headquarters will remain in Boston.
It informed staff on Tuesday that GE will be moving out of its current 100,000-square-foot location in two refurbished brick buildings at 5 Necco Street in Boston and onto a smaller space elsewhere in the city. It had previously envisioned a corporate campus with 800 workers, but less than 200 work there. The Boston Globe stated that many of them just work there part-time.
By the end of the year, GE will have relocated its headquarters from New York’s Madison Avenue to Norwalk, Connecticut. It will also try to sell its Ossining, New York, Crotonville site for higher education.
GE stock has lost 27% of its value this year, compared with a 23% fall for the S&P 500 Stock Index (SP500) (SP500).
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