GE will move headquarters to Boston

The company confirmed its plans to move to the South Boston Waterfront on Wednesday.

General Electric is going to call Boston home, the company announced Wednesday.

The Boston Globe first reported the news Wednesday morning. GE confirmed it in a press release later in the day.

GE will move to the Seaport District, but an exact location has not yet been announced. The move is expected to be completed by 2018.

The company plans to bring 800 employees to Boston, including 200 corporate staff members and 600 product managers, designers and developers from an array of different GE divisions. Employees will begin moving to a temporary Boston location this summer.

“Greater Boston is home to 55 colleges and universities. Massachusetts spends more on research and development than any other region in the world, and Boston attracts a diverse, technologically-fluent workforce focused on solving challenges for the world,’’ GE CEO Jeff Immelt said in a statement. “We are excited to bring our headquarters to this dynamic and creative city.’’

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According to The Boston Business Journal, the company is considering moving into an existing Seaport property or building a new one.

Currently based in Fairfield, Connecticut, the company reached a deal with state and city officials on a “structured package of incentives’’ for the move. GE began seeking a new corporate headquarters in June, when its CEO expressed dismay at a new Connecticut corporate tax policy.

In Boston, GE will receive up to $25 million in property tax relief from the city. The state will offer up to $120 million in grants and other programs.

According to a joint statement from Mayor Marty Walsh and Gov. Charlie Baker, the package will include $1 million in workforce training grants and $5 million for an “innovation center to forge connections between GE and innovators from Massachusetts research institutions and the higher education community.’’ Some GE employees will also receive assistance for buying homes in Boston.

Boston emerged as a contender alongside New York and Providence, R.I., the Globe previously reported. The company originally considered 40 new locations before arriving at a short list in late 2015 that included Boston.

The global conglomerate, which counts Thomas Edison as a founder, has more than 300,000 employees worldwide. The company already employs more than 5,000 in Massachusetts, according to the press release. It moved the headquarters for its life sciences division to Marlborough in 2014.

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