Quest Diagnostics to Move Headquarters to Secaucus

Quest Diagnostics Inc. said it would move its corporate headquarters from Madison, N.J., to Secaucus, N.J., next fall, a move that comes as the laboratory-testing company has sought to improve its diagnostics business.

The company will also consolidate its corporate-support functions in Lyndhurst, N.J., with the new Secaucus location, where the company will maintain roughly 600 employees. The move will occur in September 2017, when leases expire in both Madison and Lyndhurst.

"Our move to Secaucus allows us to retain our New Jersey employees while being in better proximity to public transportation and many of our major healthcare partners," Steve Rusckowski, Quest's chief executive, said in a press release.

Quest has been pressured as commercial and government health-insurance providers have tried to control costs, but the company has indicated that things are looking up as its business environment improves and its diagnostics unit grows.

The company in May cut its revenue forecast for the year, a move it said reflected its sale of Focus Diagnostics. Earlier this year, Quest Diagnostics agreed to sell the immunodiagnostic and molecular diagnostic products business to Italy's DiaSorin SpA for $300 million, and has put a greater focus on its diagnostics operations.

In April, Quest reported profit soared 67% amid better-than-expected revenue.

Quest's largest laboratory is also located in New Jersey, and the company has more than 2,300 employees in the state.

Write to Joshua Jamerson at [e-mail]

(END) Dow Jones Newswires

June 06, 2016 08:15 ET (12:15 GMT)

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