BOSTON--(BUSINESS WIRE)--GE announced today that its headquarters will be located in the Seaport District of Boston along Necco Street. The property is under agreement to be purchased from P&G and sits at the edge of its 44 acre South Boston campus—at 5 and 6 Necco Way, representing roughly 2.5 acres.
The new headquarters will include a combination of existing buildings and new construction. The purchase includes two historic buildings, which will be renovated, and an adjoining parking lot, on which GE will construct a new building. Employees will move to a temporary location in Boston on Farnsworth Street starting in the summer of 2016, with a full move completed in several steps by 2018.
“South Boston is a major hub for innovation and development and GE is excited to be a part of such a dynamic and creative ecosystem that is leading the future,” said GE Vice President Ann Klee. “This centrally-located property presents an excellent opportunity to enhance the Seaport District and the surrounding community. We look forward to bringing our headquarters to South Boston.”
Charlie Pierce, president, The Gillette Company at P&G, said “When GE contacted us, we saw an opportunity to welcome a world class innovation leader into our neighborhood, benefiting the local community, enhancing the Seaport District and generating value for our shareholders. We’ve designed and manufactured some of the most cutting-edge shaving technology in the world at this site for over a century and it will continue to play a significant role for us in the future.”
GE announced the move of its headquarters to Boston in January 2016. Boston was selected after a careful evaluation of the business ecosystem, talent, long-term costs, employee experience, connections with the world and proximity to other important company assets. Greater Boston is home to 55 colleges and universities. Massachusetts spends more on research & development than any other region in the world, and Boston attracts a diverse, technologically-fluent workforce. GE will sell its offices in Fairfield, CT and at 30 Rockefeller Plaza in New York City to offset the cost of the move.
In Boston, GE will have roughly 800 people; 200 from corporate staff and 600 digital industrial product managers, designers and developers split between GE Digital, Current, robotics and Life Sciences. GE already has a significant existing presence in Massachusetts, with nearly 5,000 employees across the state in businesses including Aviation, Oil & Gas and Energy Management. In 2014, GE moved its Life Sciences headquarters to Marlborough, and in 2015 GE announced its energy services start-up, Current, would also be headquartered in Boston.
GE Vice President Ann Klee said, “Going forward, GE plans to be an active part of the Boston community. We believe that Boston can capture future growth in important new innovation in the industrial internet and advanced manufacturing. In addition, the GE team plans to bring a spirit of volunteerism and generosity to community efforts.”
GE (NYSE:GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
In 1901, King C. Gillette created the world’s first safety razor prototype in Boston, MA. More than a century later, the Gillette World Shaving Headquarters is still located in South Boston. For over 110 years, Gillette has delivered precision technology and unrivaled product performance – improving the lives of over 750 million men around the world. From shaving and body grooming, to skin care and sweat protection, Gillette offers a wide variety of products including razors, shave prep (gels, foams and creams), skin care, after shaves, antiperspirants, deodorants and body wash. For more information and the latest news on Gillette, visit http://www.gillette.com/. For a glimpse of pride, passion and precision behind the blades at Gillette, visit: https://www.youtube.com/watch?v=T2_sJLSwnmQ
P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit http://www.pg.com for the latest news and information about P&G and its brands.