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Lilly plans to cut 500 jobs

Eli Lilly & Co announced on April 16 that it plans to axe 500 jobs in the US as part of a company cost cutting plan that includes reducing the amount of investment in some areas of R&D.

Eli Lilly & Co announced on April 16 that it plans to axe 500 jobs in the US as part of a company cost cutting plan that includes reducing the amount of investment in some areas of R&D.

In a move the company is referring to as streamlining of its manufacturing operations in Indianapolis in the US, Lilly is offering voluntary redundancy to its employees. Although most of the job cuts will occur in manufacturing, a small number of R&D personnel will be made redundant. Lilly claims that it is offering redundancy pay packages to all employees who volunteer for what it calls an 'exit program.'

Dr John Lechleiter, president and chief executive officer (CEO) of Lilly, said: "While these are necessary decisions, they are difficult because they affect our people. From a peak employment level in mid-2004, we have reduced our global headcount by 12 per cent, or about 5,500 people."

"We are intent on upholding the Lilly values by treating all employees - particularly those directly affected by these changes - fairly and with the utmost respect," he added.

The job cuts take place at sites that manufacture Lilly's insulin products Humalog and Humulin as well as its osteoporosis medicine Forteo.

16th April 2008

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