4-4-16 Feature Story:
BOSTON - April 4, 2016 - GE announced $50 million in philanthropic commitments, to be donated over the next five years to the Boston community. GE's commitment includes $25 million to Boston Public Schools, $10 million to building out a diverse workforce population and $15 million to developing the next generation health care workforce and increasing training for specialty care at community health centers. The donation is from the GE Foundation, the company's philanthropic arm.
"Together GE and Boston will lead the digital transformation of industry. To build a global digital company and community, we must invest to further educate our children in science and math and improve health care in underserved communities. GE's investments will create thousands of new jobs and support Boston's regional and economic activities," said GE Chairman and CEO Jeff Immelt.
GE's philanthropic commitments include:
Boston Public Schools (BPS): GE will reach 100 percent of Boston Public Schools high school students each year through our career labs, computer science courses, and high school design experience to prepare tomorrow's workforce, by committing $25 million. The donation will provide students the opportunity to explore college and career possibilities, and to understand the skills necessary for future employment. GE will also create "GE Brilliant Career Labs" with both physical and virtual locations to allow students a unique hands-on experience with advanced manufacturing technology and software to assist them through career planning and internships. GE will also assist 100 percent of STEM high school teachers, to better prepare students for college and their future careers.
Boston Community Health Centers (CHCs): GE will commit an additional $15 million to developing, and expanding the skills of health care providers at critical Community Health Centers in underserved communities. This will include training in the use of technology, leadership skills, and increased access to specialty care, in order to deliver better treatment for common, complex medical conditions like cardiovascular disease and addiction. The Developing Health Boston program will initially support 22 Boston area CHCs and will provide skills training to more than 75 percent of CHC leaders, health care providers, and staff. As well, GE Foundation partners will help to develop next generation health care workers.
Building the Diversity Pipeline: GE has also pledged $10 million to increase the capabilities and outcomes for our diverse students. GE will leverage its employees and leaders to provide training, access to manufacturing labs at GE Garages, and externships for underserved populations outside of the Boston Metro area, including Lynn and Fall River.
GE announced in January it selected Boston for its corporate headquarters. The new site, located in Boston's Seaport District, will be home to 800 GE employees; 200 from corporate leadership and 600 digital industrial product managers, designers and developers split between GE Digital, Current, robotics and Life Sciences. A GE Digital Foundry will be created for co-creation, incubation and product development with customers, startups and partners - and GE will invest in Boston's Industrial Internet ecosystem. The remainder of administration will be placed in shared service operations throughout the Company.
GE already has a significant existing presence in Massachusetts, with nearly 5,000 employees across the state in businesses including Aviation, Oil & Gas and Energy Management. In 2014, GE moved its Life Sciences headquarters to Marlborough, and in 2015 GE announced its energy services start-up, Current, would also be headquartered in Boston.
According to an economic impact study conducted by Oxford Analytic, GE's move adds 4,000 new jobs in the Boston area, between temporary construction jobs and permanent GE employees and vendors; $776 million in new real estate demand; $260 million in new income (GE salary and indirect); and $28 million to local vendors. Employees will move to a temporary location in Boston starting in the summer of 2016, with a full move completed in several steps by 2018.
"GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.
