GE Says Sayonara to Fairfield

Details are slim prior to an official announcement, but here’s what we know so far:

The terms offered by state and local government in Massachusetts weren’t immediately clear. Another person familiar with the matter said GE could notify employees at its Fairfield, Conn., offices as soon as Wednesday. A GE spokesman declined to comment.

Boston’s win came amid competition from New York officials, who hoped to bring the headquarters to Manhattan or Westchester County, and from Connecticut officials, who wanted to avoid losing one of its most iconic corporate citizens, if not its largest employer.

GE has complained before about Connecticut’s high new corporate tax rate and its “inhospitable business climate,” so the move comes as no surprise.

The Boston Herald reports:

It’s been well-known GE has been looking for a new HQ locale for several months. In September, GE Chairman Jeffrey Immelt told CNBC, “You want to be someplace where people support job creation, where it’s attractive to talent, good cost of living, and that is very supportive of what a high-tech exporter has to be all about.”

About 800 employees work in GE’s Connecticut headquarters. Much of the details around the move are yet to be decided, but it is expected approximately 600 employees will work out of Boston.

Memo to Connecticut:

When Boston is your low-cost, business-friendly alternative, you might want to rethink a few things.