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October 23, 2007
Lexmark International Inc. revealed a restructuring plan on Tuesday that will lay off about 1,650 workers and shift those jobs to lower-cost countries by the end of next year.
About 200 workers will be laid off in Lexington, where Lexmark is based. The company, which manufactures printers and related supplies, employs about 3,000 workers in Lexington, according to spokesman Tim Fitzpatrick.
Most of the affected jobs are in the supply chain, service delivery, administrative and marketing areas, he said.
Lexmark also will close one of its inkjet supplies manufacturing plants in Mexico.
The company said it expects the restructuring measures to result in pre-tax costs of about $20 million this year and $70 million in 2008.
Total savings are expected to be about $60 million annually once the restructuring is completed by the end of next year.
Lexmark disclosed the restructuring plan in its third-quarter earnings report.
Net income for the quarter fell to $45.2 million, or 48 cents per share, from $85.6 million, or 85 cents per share, a year earlier.
Revenue decreased slightly to $1.2 billion from $1.23 billion.
For the first nine months of 2007, net income fell to $201.8 million, or $2.10 per share, from $248.5 million, or $2.37 per share, a year ago.
Revenue for the period dropped to $3.7 billion from $3.74 billion.
Lexmark said it expects fourth-quarter earnings to be in the range of 32 cents to 42 cents per share, compared with 91 cents per share in fourth-quarter 2006.
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