Lexmark closes off its printer business and saves R680 million

Lexmark announced that it is closing its inkjet supply manufacturing factory located in the Philippines. This closure will result in about 1700 job losses and save the company R680 million in the first year alone.

Lexmark will now be focussing on the imaging and software solutions business. Lexmark shares surged upwards on release of the news as the printing division has failed to produce any profit for a while now.