Lexmark To Cut 13% Of Employees, Stop Producing Inkjet Printers

LEXINGTON, Ky. -- Lexmark is cutting 1,700 jobs, or almost 13 percent of its workforce, and says that 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.