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.
Boston Business Journal, “Immelt is already under pressure from shareholders, most notably the activist investor Trian Fund Management, to improve GE’s performance. The company agreed this spring to cut $2 billion in costs over two years following discussions with Trian.”
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.
147 Aquidneck Avenue, Middletown
Originally opened in 1991, this Middletown inn is just steps from Easton’s Beach.
The Inn offers 16 professionally designed guest rooms and suites, some with an ocean view, and a 30-seat full-service café.
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.
190 Thames Street, Newport
Fresh-pressed juices, salads, wraps, burritos and more focusing on healthy quick-serve options. Opening mid-June.
515 Thames Street, Newport
A sister restaurant to Stoneacre Pantry, La Vasca is a Spanish/Basque-style restaurant offering a menu which celebrates the traditions of Northern Spain and Southern France by serving pintxos, tapas, hot and cold small plates and more.
657 Park Avenue, Portsmouth
Fresh local food from land and sea at affordable prices in Island Park overlooking the Sakonnet River.
266 Bellevue Avenue, Newport
After servicing the Newport area for over 40 years, this pizzeria has moved to a new location and continues to offer an extensive menu beyond pizza with late night hours.
125 Water Street, Warren
In the middle of Warren’s waterfront district, this restaurant offers a wide variety of small plates and an international wine list.
1 Goat Island, Newport
Scarpetta evokes the pleasure of savoring a meal down to the last bite. It is LDV Hospitality's signature restaurant concept that first opened in NYC’s Meatpacking District and has expanded to locations in Las Vegas, Montauk and Philadelphia.
464 Thames Street, Newport
Opening in Mid-June, Harry’s was recently named the #1 Burger in America by CNN and the best burger in the world by Burgered.com.
Harry’s is well known for its sliders, extensive craft beer list, and shakes.
200 High Point Ave., Unit B6, Portsmouth
This Portsmouth-based craft brewery makes and serves TwoTree Double IPA, TwoTree Mosaic, Baulston Porter, Ruggles ESB (extra special bitter), Indivisible DIPA, Coggeshall Pale Ale and more.
150 Connell Highway, Middletown
Opened in 1991 in Amherst, Mass., this newly renovated restaurant just outside of Naval Station Newport is already a family favorite.
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.
Newport Harbour, Newport
Spend a day sailing on AlyKat, a 41-foot Catana catamaran! Offering private sailing ranging from 2-hour excursions and sunset sails to overnights and weekend getaways.
99 Spring Street, Newport
A community space, bringing together artists and creatives while providing a storefront location to display and sell local artwork and apparel.
219 Goddard Row, Brick Marketplace, Newport
Exhibits new contemporary art by emerging and mid-career artists.
Ocean Drive, Newport
A 75-minute unique tour experience that cruises through Newport's most charming, scenic, and historic points with expert guides who share the fascinating history and salacious stories that make this city a special place.
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.
583 3rd Beach Rd, Middletown
The evening summer beach party on the Sanctuary’s Third Beach property will feature music, dancing, the Binge BBQ food truck, s’mores by the bonfire, paddle-boarding and kayaking, and fun for the whole family.
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.
3 Bowen’s Wharf, Newport
Inspired by the rugged charm of New England, Kiel James Patrick takes pride in creating timeless American-made fashion and accessories.
433 Thames Street, Newport
A fully sustainable, handmade clothing line born in Brooklyn. The size and gender-free clothing is made from the best washable fabrics, organic cotton, wools, cashmere and silks in flowy and freestyles.
154 Mill Street, Newport
Inspired by music, art and the laid-back vibes of the West Coast, this women's wear boutique offers a merchandise assortment consisting of statement pieces from contemporary brands not typically found in local shops.
458 Thames Street, Newport
Women’s bathing suit shop carrying sizes XS-24.
6 West Marlborough Street, Newport
Offers the latest fashion trends for men and women at an affordable price.
The flagship store is located in Narragansett.
468 Thames Street, Newport
A fun boutique that offers unique women's apparel, accessories, bags, housewares, specialty gifts and trendy items at a reasonable price.
8 Fair Street, Newport
Newport’s popular surf school’s new gear shop and its stocked with surfboards, apparel, sunblock, wax and other merchandise – all of which have roots to the area.
79 Thames Street, Newport
November Bicycles hosts Wednesday evenings ride from the shop around Newport.
44 Ochre Point Avenue, Newport
Explore the underground tunnel, boiler room and basement of Newport’s The Breakers.
429 Thames Street, Newport
Ladies yoga wear and gear, work out wear, beach lifestyle apparel, accessories, and footwear.
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