GE to reduce office space as it looks to splinter into three independent companies

General Electric Co. (GE) has confirmed the Group’s plans to reduce its office capacity in Boston and other locations as it prepares for its division into three independent businesses. In 2023 it plans to spin off its healthcare division, while in 2024 it plans to combine both its power and renewable energy businesses before they become spun off. Thereafter, GE itself will become solely an aviation company.

While the group’s headquarters will, for the foreseeable future, remain in Boston, it is looking to ‘downsize’ to new premises, while it will be closing its Madison Avenue office this December. Office space in Norwalk, Connecticut, will also be consolidated, while the learning campus in Crotonville, New York, will be sold off.

GE announced the splintering of the Group back in July this year, confirming the names of the three newly formed businesses. The energy wing, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services, will be called GE Vernova, the healthcare business will be named GE Healthcare, while the name of the aviation business that will essentially be the remaining core of GE, headed by CEO Larry Culp, will be called GE Aerospace.