Business and the Economy
Lexmark cuts 1,700 Jobs, 500 in Lexington
Lexington - Lexmark has announced a restructuring of the Lexington-based company that will see it stop manufacturing inkjet printers and eliminate 1,700 jobs worldwide - most of those in manufacturing - according to the company's website. Once completely implemented the restructuring will save the company about $95 million a year, a website news release said. Five hundred jobs are expected to be cut in Lexington - 350 full-time positions and 200 contractors, according to the company.
Lexmark will put its inkjet technology up for sale but in the meantime will continue servicing its inkjet customers.
"Today's announcement represents difficult decisions, which are necessary to drive improved profitability and significant savings," Paul Rooke, Lexmark chairman and chief executive officer, said. "Our investments are focused on higher value imaging and software solutions, and we believe the synergies between imaging and the emerging software elements of our business will continue to drive growth across the organization."
The restructuring is expected to result in reductions primarily in inkjet-related infrastructure as well as positions in research and development, supply chain and other support functions, the company said.