General Electric (NYSE:GE)
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By Spencer Jakab
This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (May 13, 2019).
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 13, 2019 02:47 ET (06:47 GMT)
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