Don't Play Monopoly With Jeff Immelt
May 11 2019 - 10:29AM
Dow Jones News
By Spencer Jakab
Nearly everything has gone wrong for General Electric the past
few years -- particularly the decisions that can be traced back to
longtime boss Jeff Immelt. But it turns out that he was, without
meaning to be, a pretty savvy real-estate investor.
Back in 2016, GE announced that it was pulling up stakes in
Fairfield, Conn., selling its headquarters complex for $31.5
million. The local tax bill was just too high.
It received tax breaks to build a tower and move its
headquarters to Boston. Now that the shrinking company doesn't
really need the space -- it has sold business units to repair its
damaged balance sheet -- GE sold the parcel where the tower was to
be built and made more than $11 million in profit.
Maybe Mr. Immelt was just in the wrong business.
Write to Spencer Jakab at spencer.jakab@wsj.com
(END) Dow Jones Newswires
May 11, 2019 10:14 ET (14:14 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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