LEXINGTON, Ky. — Lexmark is cutting 1,700 jobs, or almost 13 percent of its workforce, and says 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.
Shares jumped $3.11, or 16 percent, to $22.12 in late morning trading. They had lost 43 percent of their value this year.
Lexmark had about 13,300 employees as of Dec. 31. Lexmark has been shifting its focus from consumer inkjet printers, focusing on higher-profit laser printers and supplies for businesses and software services.
— From wire reports