(CBS) – Caterpillar Inc. announced today it is locating its new global headquarters in north suburban Deerfield.

The earth-moving equipment manufacturer, based in Peoria for decades, says proximity to O’Hare International Airport and access to the Metra passenger rail line were factors.

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“This site gives our employees many options to live in either an urban or suburban environment. We know we have to compete for the best talent to grow our company, and this location will appeal to our diverse, global team, today and in the future,” Caterpillar CEO Jim Umpleby said in a news release.

Caterpillar has a multi-year leasing agreement with Corporate 500 office park, the company said. Caterpillar expects about 100 employees to relocate this year, and 300 people will be at the Deerfield site when it is built out by mid-2018.

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“We are pleased that Caterpillar selected our community as the location for its new global headquarters,” Deerfield Mayor Harriet Rosenthal said. “Caterpillar joins several other well-known national and international companies who enjoy the amenities and ease of access to transportation that Deerfield has to offer.”

Umpleby says the majority of Caterpillar employees will remain in the Peoria area.

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Last month, the company announced it is phasing out production at its Aurora area plant and moving those functions to two other facilities by the end of 2018.