General Electric Co. confirmed reports that it will move its corporate headquarters to Boston from Fairfield, Conn., a process that could take more than two years. Employees will first move to a temporary location in Boston starting this summer, the company said in a statement, with the full move expected to be completed in several steps by 2018 to the Seaport District of the city. GE said it expects "no material financial impact" related to the move, as the company is working with Massachusetts and the city of Boston on a package of incentives that will offset moving costs. The company said it will sell its offices in Fairfield and at 30 Rockefeller Plaza in New York City to further offset costs. The Wall Street Journal had reported earlier, citing a person described as familiar with the matter, that GE was planning the move, following a Connecticut budget deal last summer that raised corporate taxes. GE's stock was little changed in afternoon trade. It has climbed 20% over the past 12 months, while the Dow Jones Industrial Average has lost 7.1%.
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