Buyouts and Early Retirements at Lilly
INDIANAPOLIS – More than 2,300 Eli Lilly employees accepted buyouts as the company plans to reduce its workforce in 2018 by 3,500 worldwide.
Mark Taylor with Lilly said 2,300 employees, with a large amount from Indiana, applied for and were accepted into the U.S. voluntary early retirement program.
The Indianapolis-based pharmaceutical giant announced job cuts in September, with 2,000 of the 3,5000 jobs impacting the U.S. The company expects to save about $500 million per year, starting in 2018 due to the reduction.
Taylor said in addition to the early retirement program, “the company will determine where it needs to further reduce costs and improve efficiencies. Remaining positions will come from other anticipated workforce reductions, including select site closures outlined on September 7 as well as consolidation of some work to existing shared service centers. All streamlining efforts will be consistent with applicable local requirements.”
In March, company officials announced they were planning an $85 million expansion in Indianapolis, focusing on its diabetes drug, Trulicity. During that time, a Lilly spokesperson said more than 400 jobs have been created in the Indianapolis area over the past five years.