Here’s the glossy pitch book that lured General Electric to Boston

(GE) will move its global headquarters to Boston, tapping the city’s technology talent and likely lowering its tax bill as the industrial conglomerate seeks to lift profit and emphasise digital capabilities. GE will also be modifying the composition of the employees at its new headquarters.

GE settled on Boston after being offered a massive package of tax breaks and incentives. The company has not yet announced how many jobs will be lost in CT as a result of the move.

The sprawling campus that GE is leaving behind employs 800 people.

GE said on Wednesday it had been thinking about a new location for more than three years.

In order to entice as big a company as General Electric, Massachusetts offered a warm welcome with up to $120 million in grants and other incentives and property tax savings of up to $25 million.

“We are disappointed, and we know that many in CT share that frustration”, Malloy said, a day after basking in the national spotlight when he was invited to sit next to First Lady Michelle Obama at the State of the Union address.

“Greater Boston is home to 55 colleges and universities”, he said in a release. “The passing of this law, despite the concerns we raised, has serious implications for GE, other businesses and for the business climate in CT”. GE’s new Boston headquarters will be served by the MBTA’s BRT-lite Silver Line, the tech-enabled pop-up transit service Bridj, and will be within walking distance of the MBTA’s Red Line and several commuter rail lines at South Station, the largest rail hub in New England. Then the majority and Governor passed the states second largest tax increase of 1.5 billion in 2013, again saying that would fix the deficit and they came up short again in 2015.

Last June Immelt said in an email to employees that he asked a team to examine the company’s options to relocate the headquarters to a state with a “more pro-business environment”. The new office will have about 200 administration workers and 600 “digital industrial product managers designs and developers” GE said.

Earlier Wednesday GE said it would cut up to 6500 jobs in Europe over the next two years including 765 in France and 1300 in Switzerland as it restructures and integrates its acquisition of Alstom’s energy business.

According to Joe McGee of the Business Council of Fairfield County, GE executives emphasized that “this is not about taxes”. General Electric, however, revealed that the relocation costs would have no material impact on its financials.

There are still many questions remaining to be answered about GE’s exit from CT, but it appears some employees may continue to work in the state. We believe GE’s road to progress was slowed by the sheer size and range of its many business divisions – aircraft engines, power generation, oil & gas production equipment, household appliances, medical imaging, business and consumer financing and industrial products – nearly akin to an elephant in a greyhound race.