MADISON, N.J. (AP) -- Quest Diagnostics says it will keep its headquarters in New Jersey after receiving more than $18 million in tax credits from the state.

Quest will move from Madison into a new headquarters in Secaucus next September. The medical testing company employs more than 2,300 people through the state.

The state Economic Development Authority last month approved an estimated annual $1.86 million tax credit spread over 10 years.

The company says it reviewed incentives from other states before deciding to stay in New Jersey.

Lt. Gov. Kim Guadagno says in a statement that it's an example of how New Jersey's economic climate gives businesses the opportunity to expand.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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