LEXINGTON, Ky. -- Lexmark is cutting 1,700 jobs, or almost 13 percent of its workforce, and says that it will stop making inkjet printers as part of a drive to cut costs as it deals with shrinking sales of inkjets.
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 about 1,100 manufacturing jobs. Lexmark says the moves will save it $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 International Inc., based in Lexington, Ky., says it will continue to provide support and supplies for its inkjet printers still in use.
The restructuring is the second in less than a year for Lexmark, which said in January it would cut 625 jobs.
Lexmark in July reported second-quarter results that fell short of Wall Street expectations as the economic crisis in Europe pulled down demand.
Lexmark's stock closed Friday at $19.01 per share. It has fallen from over $73 in 2006 and has sunk as low as $16.10 in the past year.
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