Lilly more than doubles Lebanon investment to $9 billion
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May 24—Eli Lilly and Co. announced this week that it will boost its investment in Lebanon to $9 billion.
The company initially announced a $2.1 billion investment in May of 2022 but boosted that by $1.6 billion for a total $3.7 billion by the time contractors broke ground in April 2023.
Now the demand for drugs to treat obesity moved the Indianapolis based global pharmaceutical manufacturer to boost its multi-building complex here by another $5.3 billion. Lilly estimates it will add 900 high-paying jobs to the local economy.
The announcement came during Gov. Eric Holcomb's Indiana Global Economic Summit on Thursday in Indianapolis. The initial Lilly project is under construction now on 600 acres on the city's north side.
Lebanon Mayor Matthew Gentry called Lilly's first announcement in 2022 a once-in-a-generation opportunity.
"We are excited about Eli Lilly and Company's plan to expand their investment in Lebanon, reinforcing their role as a key community partner in driving future innovation and economic prosperity," Gentry said Thursday. "Their investment underscores our shared commitment to creating greater opportunities and enhancing the quality of life for our residents and community."
Gentry, in his third term as mayor, has prioritized projects that enhance quality of life as a key to economic growth. Lilly and its construction contractor, Fluor, have been involved in numerous community projects, such as a downtown alley beautification project, donating huge rocks for Stone Eater Bike Park, and volunteering in numerous civic events.
"As an international company, headquartered in Indiana, Lilly had a world of options to consider before making this investment, and choosing Indiana once again reinforces the incredible environment we've cultivated and the talented workforce we have to carry Lilly's success forward," Holcomb said.
Lilly is the first company to commit to build in the LEAP Lebanon Research and Innovation District, a high-tech industrial park under development by the Indiana Economic Development Corporation.
LEAP Lebanon is the largest economic development in Hoosier history, although Lilly remains the sole tenant to date. LEAP stands for Limitless Exploration-Advanced Pace.
Lilly's investment in Lebanon is the largest in the company's 148-year history.
It was also the single largest business investment in the state until Amazon Web Services committed earlier this month to build an $11 billion data center campus and create 1,000 jobs in St. Joseph County.