Lexmark will be exiting the inkjet printer business, the company announced in a press release Tuesday. The cost-cutting measure will eliminate 1,700 jobs worldwide, and Lexmark will shut down an inkjet supplies manufacturing facility in the Philippines by the end of 2015.
Inkjet revenues fell 66 percent at Lexmark in the first half of this year, and the company had cut 625 jobs earlier to mitigate the loss. Now Lexmark is aiming to save an annualized $95 million by shutting down its inkjet operation.
In moving away from inkjets, Lexmark will increase its focus on "higher value imaging and software solutions." The company is pivoting in roughly the same direction as Kodak, which announced Friday that it intends to sell its physical film and photo paper business to focus on commercial printing and business services.
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