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.