General Electric (NYSE:GE)
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6 Mois : De Avr 2019 à Oct 2019
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 email@example.com
(END) Dow Jones Newswires
May 11, 2019 10:14 ET (14:14 GMT)
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