Lilly announces $1 billion investment in new manufacturing facility in North Carolina
INDIANAPOLIS, Jan. 28, 2022 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) plans to invest over $1 billion to create a new manufacturing site, along with nearly 600 new jobs in Concord, North Carolina. The brand-new facility will utilize the latest technology to manufacture parenteral (injectable) products and devices and increase the company's manufacturing capacity.
"Lilly is entering an exciting period of growth and we are committed to delivering innovative medicines to patients around the world," said Edgardo Hernandez, senior vice president and president, Lilly Manufacturing Operations. "Expanding our manufacturing footprint in North Carolina enables us to continue to produce today's medicines while providing additional capacity to manufacture the medicines of tomorrow. We are pleased to again partner with North Carolina to bring jobs to American workers and provide more medicines that patients need to address health challenges."
Lilly selected Concord because of the manufacturing technology experience of the local labor force; its proximity to universities with strong science, technology, engineering and math (STEM) programs; and its access to major transportation infrastructure. In 2020, Lilly announced a $470 million investment in North Carolina's Research Triangle Park. In conjunction with this site, the new facility in Concord will allow the company to strengthen relationships with local governments and universities and diversify its growing presence in the state.
Lilly plans to create nearly 600 new jobs for highly skilled workers such as scientists, engineers and manufacturing personnel, who will use advanced technology to produce life-changing treatments and devices to make life better for people around the world. In addition, an estimated 500 additional positions will be required while the facility is under construction.
"Lilly's choice brings more good jobs to North Carolina from one of our most important industries," said North Carolina Governor Roy Cooper. "North Carolina has become a premier hub for the world, thanks to our exceptional workforce and commitment to education."
Over the last five years, Lilly has invested over $4 billion in global manufacturing, including more than $2 billion in the U.S. The company also today announced plans to invest $500 million in a new biopharmaceutical manufacturing facility in Limerick, Ireland. Lilly anticipates additional future investments in manufacturing to address growth expected from potential new medicines to treat diabetes, Alzheimer's disease, cancer and autoimmune conditions.
The investment in Concord is contingent upon completion of county and municipal government permitting and related approvals. Lilly partnered with several organizations throughout the project, including the Office of the Governor, the Department of Commerce, Cabarrus Economic Development Corporation, the City of Concord, Cabarrus County, the Economic Development Partnership of North Carolina, the North Carolina Biotechnology Center, Rowan Cabarrus Community College, and the North Carolina Community College System.
About Eli Lilly and Company
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about planned capital investments in a new manufacturing site and reflects Lilly's current belief. There are substantial risks and uncertainties in the manufacturing process, development, and commercialization of pharmaceutical products which could impact the overall commercial success of our products. For further discussion of these and other risks and uncertainties, see Lilly's most recent Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.
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SOURCE Eli Lilly and Company
Company Codes: NYSE:LLY