Eli Lilly and Company announced plans to build a new manufacturing plant in Concord, North Carolina.
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Eli Lilly and Company announced plans to build a new manufacturing plant in Concord, North Carolina. It will invest $1 billion in the site and expects to create almost 600 new jobs. It also expects an additional 500 more positions while the facility is being built.
“Lilly’s choice brings more good jobs to North Carolina from one of our most important industries,” said Governor Roy Cooper. “North Carolina has become a premier hub for the world, thanks to our exceptional workforce and commitment to education.”
The site will manufacture injectable products and devices. The company indicated it picked the spot because of the local labor force’s experience with manufacturing technology, its location close to universities that have strong science, technology, engineering and math (STEM) programs, and access to major transportation infrastructure. Two years ago, Lilly announced plans to invest $470 million in North Carolina’s Research Triangle Park.
“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 currently has seven manufacturing locations in the U.S. in North Carolina, Indiana, New Jersey and Puerto Rico.
The average salary of the new positions will be $70,555. The current average wage in Cabarrus County, where the site will be located, is $43,687.
The project is helped along by a Job Development Investment Grant (JDIG) approved by North Carolina’s Economic Investment Committee. Over the 12-year term of the grant, the facility is expected to grow North Carolina’s economy by $5.7 billion. The JDIG authorized potential reimbursement to Lilly up to $12,126,750 over the 12-year period. Lilly’s JDIG agreement lists an investment target of $939 million.
The Cabarrus County site is classified by the state’s economic tier system as Tier 3. The JDIG agreement calls for moving more than $4 million into the state’s Industrial Development Fund – Utility Account, which is designed to help rural communities pay for necessary infrastructure upgrades to attract business.
Lilly has invested more than $4 billion in global manufacturing over the last five years, with more than $2 billion in the U.S. The company also announced today that it was investing $500 million in a new manufacturing plant in Limerick, Ireland. It expects future funding into manufacturing to help deal with expected growth in new drugs for diabetes, Alzheimer’s, cancer and autoimmune diseases.
North Carolina Commerce Secretary Machelle Baker Sanders said, “North Carolina’s workforce continues to deliver a competitive edge to companies like Lilly, and we aim to keep it that way. The state’s strategic economic development plan is called the First in Talent plan for a reason, and that’s because North Carolina understands the importance of investing in our people and the educational systems that create opportunities for everyone.”
