Eli Lilly reserves $470M for new manufacturing plant — and North Carolina is more than pleased
Eli Lilly is adding an eighth site to its network of manufacturing plants in the US, investing $470 million to begin production of injectable products and delivery devices at Research Triangle Park, North Carolina.
Anchored by three of the state’s top research universities, RTP is also home to some of the world’s top contract research organizations as well as a growing group of biopharma companies.
As with a recent $400 million manufacturing expansion in Indiana, Eli Lilly $LLY played up the job creation angle of its move, going so far as to point out that the average salary for the new positions it will create exceeds $72,000 — “which is greater than the current average wage in Durham County of $71,756.”
All told, the pharma giant plans to recruit for around 460 roles including scientists, engineers, quality professionals and manufacturing operations.
“In the past two years, we have invested billions of capital in new U.S.-based manufacturing because the 2017 tax reform rebalanced the playing field in favor of the American worker,” CEO David Ricks said in a statement.
But while Ricks routinely touts every new round of hiring, Lilly’s overall headcount has steadily decreased in the past three years, with an 11% decline between 2016 and 2018 — although the proportion of US-based employees has stayed roughly the same.
Under an agreement with the state, Lilly is eligible for up to $8,689,500 over 12 years in return for its help generating new tax revenues with its employment.
Written by: Amber Tong (ASSOCIATE EDITOR)
Published on: January 21, 2020 05:33 PM EST