NEW YORK (AP) -- Dover Corp. said Thursday it will move its headquarters from New York to the Chicago suburb of Downers Grove, Ill.

The company said the move, which will be completed by next summer, is part of a plan to put its corporate management team in one location. Dover said, however, that it will maintain an office in New York City. Its current headquarters is located on Park Avenue in Manhattan.

Dover and its affiliates make components and equipment for a variety of industries. It had 2008 revenue of $7.57 billion, and about 32,300 employees at the end of last year.

Dover shares slid 58 cents to close earlier at $41.06.