Monday, September 14, 2009
Eli Lilly Slashing 5,500 Jobs
The Star's John Russell reports on planned cuts by Eli Lilly that include the elimination of 5,500 jobs worldwide by 2011, a 13% reduction, as it seeks to slash $1 billion in costs. Russell says many of the cuts could come in Indianapolis where the company employs 13,500 at its corporate offices, labs and manufacturing facilities. Lilly has already reduced its workforce by several thousand through attrition over the last several years. The City of Indianapolis gave tens of millions of dollars in tax abatement incentives to the company during the administration of Mayor Bart Peterson, who is now a senior vice president with Lilly, based on investment and employment promises made by the company.