NEWARK - Electronics giant Panasonic is moving its North American headquarters from Secaucus to the Brick City.

The company will reportedly receive a $102 million transit hub tax credit from the New Jersey Economic Development Authority for the move to Newark.

Secaucus Mayor Michael Gonnelli reportedly opposed the move, saying one New Jersey community shouldn't be taking business from another.

Lt. Gov. Kim Guadagno and Panasonic executives joined Newark Mayor Cory Booker at a press conference today to formally announce the deal. Reports say Brooklyn, Atlanta, Chicago or California were in the running for the North American headquarters.