Full Press Release Details
INDIANAPOLIS , Oct. 16, 2014 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY ) today announced plans to conclude production and pursue a sale of one of its three manufacturing plants in Puerto Rico . The manufacturing site, located in Guayama, Puerto Rico , will remain in operation until the end of 2015. All of the approximately 100 full-time non-contracted employees currently working in Guayama will be offered employment at Lilly's Carolina ( Puerto Rico ) location.
As a result of this action, the company expects to record a charge of approximately $170 million (pre-tax) or approximately $0.16 per share (after tax) in the fourth-quarter of 2014.
While Lilly will initiate efforts to sell the Guayama site, the company will continue to invest in two manufacturing plants at Carolina. In November 2013 , Lilly announced a $200 million investment to increase capacity in its Carolina-based insulin active ingredient manufacturing plant. In July 2014 , Lilly announced an additional $40 million in investments to increase capabilities at its Carolina-based drug product site as part of a rebalancing of Lilly's oral solid dosage network.
Lilly began manufacturing operations in Puerto Rico in 1965 and employs approximately 1,600 employees on the island.
About Eli Lilly and Company
Lilly is a global healthcare leader that unites caring with discovery to make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at www.lilly.com and http://newsroom.lilly.com/social-channels . C-LLY
This press release contains forward-looking statements about the company's manufacturing sites in Guayama and Carolina, Puerto Rico . It reflects Lilly's current beliefs; however, planning and implementing pharmaceutical manufacturing site closures and expansions entail substantial risks and uncertainties. There is no guarantee that the Lilly will be able to complete the proposed projects as planned or that the financial impacts will be as planned. For further discussion of these and other risks and uncertainties, please see Lilly's latest Forms 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Lilly undertakes no duty to update forward-looking statements except as required by law.
| Refer to: | (787) 257-6240; [email protected] ; Cynthia Encarnacion (Puerto Rico) |
| (317) 433-9899; [email protected] ; Edward Sagebiel (Indianapolis) |
SOURCE Eli Lilly and Company