LEXINGTON, Ky. (AP) -- Lexmark is cutting 1,700 jobs and says it will stop making inkjet printers as part of a drive to cut costs.
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.
Lexmark had about 13,300 employees as of Dec. 31.
The job cuts include about 1,100 manufacturing jobs. Lexmark says the moves will save it $85 million in 2013 and $95 million a year by 2015. It expects to book costs of $160 million over three years for the restructuring.
Sixth District congressional candidate Andy Barr issued the following statement regarding Lexmark's announcement: "I am deeply distressed by Lexmark's announcement, which sharpens the pain Central Kentucky already feels due to our faltering economy," Barr said. "My heart goes out, in particular, to the dedicated employees who are losing their jobs and their families."
Lexmark International Inc., based in Lexington, Ky., says it will continue to provide support and supplies for its inkjet printers still in use.