CHICAGO (Reuters) – General Electric 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.
(Reporting by Rajesh Kumar Singh, Editing by Franklin Paul and David Gregorio)
