Lexmark Spokesperson: "Technology Has Evolved"
LEXINGTON, Ky. - Lexmark’s exit from the inkjet hardware market boosted its shares by 14 percent Tuesday, but the cost-cutting measure will leave 350 Lexington employees without jobs and about 200 contractors looking for new work.
Lexmark announced Tuesday it plans to lay off about 13 percent of its total workforce – including more than a thousand manufacturing workers. The company has seen a slowdown in inkjet printer sales as cloud-based technologies and tablets have begun offering more alternatives for consumers. Jerry Grasso is the vice president of corporate communications with Lexmark. He says the company is looking for ways to help those affected.
"We are investigating synergies between different departments in the company and those employees that are affected to see if there might be, like I said, a synergy of some sort," Grasso says.
Lexmark will shift its focus to laser printers, along with business supplies and software services. Grasso says the global market is changing and Lexmark must evolve with it. The company is expecting to save around $95 million a year by 2015.