Lexington-based Lexmark Incorporated will cut 700 employees from its payroll during the next year.
The company announced the cuts Tuesday.
The lay-off from among the company’s 10,000 employees worldwide is a result of a restructuring program.
According to the Lexington Herald-Leader, the cuts are a result of an effort by Lexmark to “align company talent with our strategy to ensure future success.”
The company’s Chief Marketing officer Jerry Grasso says the lay-offs are not targeted at any specific country or location.
Lexmark has about 2,300 workers in Lexington.