Unfortunately, the company will also be firing 1700 employees and completely shutdown a factory in the Philippines.
Additionally, the company will look to sell of its entire inkjet printer operations and focus on managed laser imaging services, which bring in much higher margins.
The move will save Lexmark $95 million per year. Investors seemed to appreciate the move with shares jumping 13 percent.
Recently, the bankrupt pioneer Kodak announced it was selling its printer business, as well, due to low sales and margins. HP, during their recent earnings announcement, also announced a large slowdown in printer sales.
Written by: Andre Yoskowitz @ 28 Aug 2012 21:21