Are Rhode Island’s General Electric Jobs On the Cutting Block?
Tuesday, May 30, 2017
“And I think the third lever is really going to be reducing the digital spend. We’ve got a couple levers that we are going to pull in digital. One is, we are going to have revenue next year to offset the cost. The second one is, there is probably still $200 million from overlap between the businesses and GE Digital that I think we can clean up inside the company,” said Immelt. He made the comments during the Electrical Products Group Brokers Conference in Florida last week.
GE's Rhode Island Play
To date, General Electric has hired 46 in Rhode Island towards the company’s agreement with RI Commerce of hiring 100. The GE office was announced almost exactly one year ago,
GE will receive $4.6 million in qualified jobs tax credits for 100 jobs hired by January 1, 2019. The remainder of the qualified jobs tax credit isn't paid out until the jobs are created and paying taxes for a year.
And, GE will receive assistance from the First Wave Closing Fund of $150,000, to assist with improvements at 75 Fountain Street, plus $500,000 more from that fund if GE Digital has 100 full-time employees in Rhode Island no later than January 1, 2019, according to Matt Sheaff at RI Commerce.
In total GE will receive incentives totaling $5.25 million if they hit the 100 job target.
In a March 22 press release Trian said, "Trian believes GE’s commitment to reduce Industrial structural costs ratably over the next two years from $24.9 billion in 2016 to $22.9 billion in 2018 will help to improve long-term operating performance by further simplifying and streamlining the organization and is critical to ensuring that the company achieves its financial goals."
At the time of the Rhode Island announcement, GE stated the following. "We needed a place that had a strong tech talent pipeline, top-tier university partnership opportunities and great quality of life. With its unique location along the northeast corridor, Rhode Island gives us access to many of the assets we need for success. It has been a pleasure collaborating with Governor Raimondo, Secretary Pryor and their team to make this new office possible," said Chris Drumgoole, Vice President and chief technology officer.
"Our top priority is putting people back to work, so I'm thrilled that GE Digital is planning to bring hundreds of new high-paying jobs to Rhode Island over the next several years. This will create a meaningful opportunity for hundreds of Rhode Island families, and it was made possible by working together with the Speaker, Senate President, the Congressional delegation, and the business community," said Governor Gina Raimondo in June of 2016.
Related Slideshow: Newport’s Newest Businesses - 2017
985 E. Main Road, Middletown
Located in Middletown, this lodging compound features 24 independent cottages along with a small hotel component of 10 studio units and an outdoor pool. The two-story cottages include a kitchen, master bedroom, living area, bathroom, and porch, plus gas fireplaces and central air conditioning.
1 Goat Island, Newport
Formerly the Hyatt Regency Newport, Gurney’s opened in January of 2017 and is located on almost 10 acres of Goat Island with waterfront views. Gurney’s Newport consists 257 guest rooms and suites, multiple event venues, a full-service spa, as well as year-round and seasonal food and beverage experiences.
151 Swinburne Row at Brick Marketplace, Newport
Open through October 2017, the restaurant features an indoor and outdoor bar, five large-screen televisions and a large patio with games including corn hole, giant Jenga and Connect 4. Garage-style doors on each side of the bar and dining room allow for the sea breeze to flow throughout the restaurant.
657 Bellevue Avenue, Newport
Experience the massive restoration effort preserving this Richard Morris Hunt designed mansion that was commissioned by Oliver Belmont in 1891. Guided tours are available by reservation only and take place Mondays, Wednesdays, and Fridays at 10 a.m.
1 Alexander Road, Portsmouth
Ride the rails on pedal powered 'rail explorers' - pedal powered bike/vehicle hybrids which ride on railroad tracks. All explorers leave at the same time and each group enjoys the freedom of the outdoors and the magic of the railroad at their own pace. The explorers are easy to ride and children are welcome.
1847 W. Main Road, Portsmouth
Opening June 1 this 40,000-square-foot museum will feature an exquisite private collection of more than 45 striking automobiles representing six decades of automotive design since World War II. More than just vehicles, this modern design experience will resonate with people of all ages thanks in part to the addition of a mid-century modern furniture collection.
26 Waites Wharf, Newport
Cruise through Newport Harbor and Narragansett Bay passing some of the area’s best waterfront attractions, homes, and classic yachts—all while savoring the dishes (lunch, hors d’oeuvres and dinner) prepared by a yacht chef with more than 20 years’ experience.
680 Bellevue Avenue, Newport
Nature Tamed explores the history of interventions, beginning with Frederick Law Olmsted's original 1887 survey and ending with the preservation and care of the grounds and gardens by the Newport Restoration Foundation.
Alongside the history of the landscape is a selection of fine arts, furnishings, and fashion from the collections of Doris Duke inspired by nature.
On view through Nov. 5, 2017.
548 Bellevue Avenue, Newport
This exhibit on the second-floor gallery at Rosecliff features 42 original pieces from Cardin's private archives that document and celebrate his career from the 1950s through his 2016 spring/summer collection. Included will be his most memorable designs, including 1960s space-age looks from the Cosmocorps collection, unisex jumpsuits created for the 1972 Olympics, and the technologically advanced Cardine dress, made of thermo-formed fabric, that was worn by Lauren Bacall in 1968.
Fort Adams, Newport
An exciting new regatta for International Rule sailing yachts including 2.4mR, 6mR, 8mR and 12mRs. Three days of racing run in conjunction with the New York Yacht Club’s Annual Regatta. Sail Newport will provide dockage for all the boats at their Fort Adams facility, enabling both sailors and spectators to walk the docks and appreciate the formula designs from vintage through more modern boats up close. Admission to walk the docks (before and after racing daily) is free of charge.
548 Bellevue Avenue, Newport
The legendary fashion designer comes to Newport this summer, hosting a fashion runway show at The Breakers which will feature nearly 90 looks from Mr. Cardin's prolific career. Following the runway show, guests will enjoy a champagne reception on the loggia of mansion, including a birthday cake to celebrate Mr. Cardin's imminent 95th birthday. Guests will also receive a commemorative program and tickets to view the new Pierre Cardin exhibition at Rosecliff.
The inaugural J Class World Championship, which will be organized by the New York Yacht Club in association with the International Maxi Association and the J Class Association, will feature a mix of coastal races and windward leeward racing off Newport.
8 Bowen’s Wharf, Newport
Signature almond butter toffee hand-crafted in small batches with the best ingredients. Almonds, sweet cream butter, pure sugar, salt and dark chocolate are skillfully piloted through heat and cold to create a classic treat you can’t resist.
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