Business
9:33 am
Tue August 28, 2012

Lexington-Based Lexmark Shedding Jobs

Hundreds of jobs are being cut at Lexmark. The Lexington-based company is going to stop making inkjet printers.  The move means 1,700 people are losing their jobs worldwide, that's about 13% of the company's workforce. 

Over 500 Lexington workers are affected. 350 full-time workers and 200 contractors are being told today they're losing their jobs.  The moves will save Lexmark $85 million next year and $95 million a year by 2015.  Lexmark says difficult decisions had to be made to improve profitability.  A workforce of 2,300 remains in Lexington.  Lexmark says it will focus on software solutions.  It's putting its inkjet technology up for sale and is closing a inkjet supply plant in the Philippines.