Magnetrol International Inc., a liquid instruments manufacturer, will move its corporate headquarters from Downers Grove to Aurora this summer, the company announced Wednesday.
Crain's Chicago Business reports that Magnetrol's decision to relocate was driven by the company's "rapid growth due to the high demand for products in the global oil and gas industry." The company has been based in Downers Grove for more than 50 years.
Magnetrol CEO Jeffrey K. Swallow told the Daily Herald that the company has "deeply valued" its relationship with the Downers Grove community, and is already working with the Downers Grove Economic Development Corporation to identify a new tenant for its existing building.
The company is expected to move this summer to a 221,000-square-foot facility in the Meridian Business Campus in Aurora—roughly three times the size of its current space.
Magnetrol currently has 319 employees at its Downers Grove location, according to Crain's.
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