Lilly to invest $1B in new plant in North Carolina

Eli Lilly and Co. (NYSE:LLY) said it would invest more than $1 billion to build a new manufacturing facility in Concord, North Carolina.

The company says it would hire almost 600 new employees to staff the new site, which will include a campus of five buildings focused on manufacturing parenteral (injectable) products and devices.

The average salary for the new employees will be approximately $70,000.

The location of the proposed 800,000-ft² site was formerly occupied by a Philip Morris plant.

“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,” said Edgardo Hernandez, senior vice president and president, Lilly Manufacturing Operations, in a statement. “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 said it chose to invest in the Concord area, near Charlotte, because of the city’s manufacturing prowess, transportation infrastructure and proximity to universities.

In 2020, Lilly announced an investment in North Carolina’s Research Triangle Park in Durham.

Lilly noted that the planned investment in Concord is predicated on receiving county and municipal government permits and other approvals.

The company would receive some $17 million in state tax rebates for the facility and local incentives valued at approximately $75 million.

Lilly also announced plans to invest more than €400 million in a new manufacturing plant in Limerick, Ireland that would lead to the creation of more than 300 jobs.