Lexmark Bows Out of Printer Business, Will Lay Off 1,700 Employees
"Today's announcement represents difficult decisions, which are necessary to drive improved profitability and significant savings," said Paul Rooke, Lexmark chairman and chief executive officer. "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.
"As we move forward, we remain confident in our strategy, competitiveness and ability to create value for shareholders."
It's an even more difficult decision for the 1,700 employees worldwide affected by Lexmark's restructuring, all of which will receive a pink slip. That includes 1,100 manufacturing positions, Lexmark said.
Lexmark is also exploring the idea of selling its inkjet-related technology, though no potential buyers have yet been announced. In the meantime, Lexmark promised to continue providing service, support, and aftermarket supplies for current inkjet printer owners.