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Lexmark to quit inkjet printer business

Lexmark to quit inkjet printer business

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Lexmark has announced it will quit the inkjet printer business as part of efforts to improve its profitability.

The US firm said it would stop development of the technology by 2013 and close its inkjet supplies factory in Cebu, Philippines by 2015.

It added that 1,700 jobs would be lost as a result.

The company said it expected the move to save it $95m (£60m) a year in savings. It also intends to sell some of its 1,000 inkjet-related patents.

The move follows the firm’s most recent earnings report in which its net profit fell to $39.2m for the April to June quarter, 61% lower than the previous year.

“Today’s announcement represents difficult decisions, which are necessary to drive improved profitability and significant savings,” said Lexmark’s chairman and chief executive Paul Rooke in a statement (PDF File Required).

The firm will continue to sell laser printers and will also focus on its imaging software and document management services.

Source: BBC News

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