Lexmark to Cut 1,700 Jobs, 550 In Lexington
LEXINGTON, Ky. Lexmark is cutting 1,700 jobs and says it will stop making inkjet printers as part of a drive to cut costs.
The printer and software company said Tuesday that it will close its inkjet supply plant in the Philippines by the end of 2015. It is also putting its inkjet technology up for sale.
The job cuts include around 500 full-time and contractor positions in Lexington and around 1,100 manufacturing jobs. Lexmark had about 13,300 employees worldwide as of Dec. 31.
Company officials say the moves will save Lexmark $85 million in 2013 and $95 million a year by 2015. It expects to book costs of $160 million over three years for the restructuring.
Lexmark says it will continue to provide support and supplies for its inkjet printers still in use.