Lexmark ditches 900 jobs
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Posted in Business, 23rd October 2000 20:34 GMT
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Printer giant Lexmark is to cut 900 jobs and move some of its operations abroad.
The staff cuts represent around eight per cent of the total workforce, with most going from its HQ and factory in Kentucky. Some manufacturing, primarily for laser printers, will be moved to Mexico and China. The company expects the shift to save $100 million annually by the end of 2002, which "will be utilized to strengthen the company's competitive position".
Lexmark also recorded its results for the third quarter today, with better than expected $66.1 million profit (down 14 per cent on the previous year). Sales rose 11 per cent to 926.6 million for the period ended September 30.
The company said it would take a pre-tax charge in the fourth quarter of between $35 and $45 million to cover the restructuring costs. ®
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