Oct. 14, 2009 (United Press International) -- U.S. pharmaceutical giant Eli Lilly (NYSE:LLY) and Co. said sale of an Indiana manufacturing plant to a German conglomerate would save 700 at-risk jobs.

A year ago, the U.S. drugmaker said the Lafayette, Ind., facility could close, ending 700 positions, the Indianapolis Star reported.

On Wednesday, Eli Lilly said it would sell the plant to Evonik Industries AG, which would maintain production at the plant and offer jobs to its entire full time staff.

"We're very, very excited and pleased with this. I think for the people at the site, for the community of Lafayette, and for our companies, this represents a very good outcome," said Lilly's Chairman and Chief Executive Officer John Lechleiter.

The plant, called Tippecanoe Laboratories, once employed 1,500 workers.

It is a 50-year old facility that was used to manufacture active ingredients for several of the companies best known drugs, including Prozac, an antidepressant, and Gemzar, a cancer drug, the newspaper said.

"The pharmaceutical market is attractive, economically stable and produced growth rates near the double-digit range every year," said Dr. Klaus Engel, chief executive of Evonik.