General Electric Co. (GE) - Get Report has postponed the completion of its new headquarters located in Boston as the multinational conglomerate looks to spread out the costs of the $200 million project, the Boston Globe reports.
The delay is also seen as a part of new CEO John Flannery's goal to cut spending at GE, whose stock has sunk over 19% year-to-date.
GE's move to Boston comes after 40 years in Fairfield, Conn., where it sold its campus last year. Initially, the company hoped to renovate two existing buildings and construct a new office tower by 2019.
While the two renovations are still on track, the timeline for the new building has now been delayed until 2021.
The move to Boston will provide GE with an incentive package from the city valued at about $145 million in exchange for moving 200 jobs and bringing that total to roughly 800 at the new company headquarters.
Shares of GE were moving higher during Wednesday afternoon trading.
GE is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GE? Learn more now.
More of What's Trending on TheStreet: