Lexmark to be acquired by Chinese investors

LEXINGTON, Ky. (WTVQ) – Lexington-based printer maker Lexmark announced Tuesday that it’s being acquired by China’s Apex Technology Co., PAG Asia Capital and Legend Capital Management in an all-cash deal valued at $3.6 billion. The deal is expected to be completed later this year.

“Lexmark’s corporate headquarters will stay in Lexington and they do not expect significant changes in employment,” said Lexington Mayor Jim Gray. “Lexmark and IBM before them have been valued members of our corporate community for many years. I look forward to a productive positive relationship between Lexington and Apex Technology and PAG,” Gray said.

According to a news release from Lexmark, company chairman and CEO, Paul Rooke, will continue to lead Lexmark after the deal is finalized. Once the deal is done, Lexmark’s common stock will no longer be publicly traded on the New York Stock Exchange.

Lexmark has 2,300 employees in Lexington and more than 12,000 across the globe. Last month the company announced it was laying off 143 employees in Lexington beginning May 25, 2016. Earlier this year the company announced a restructuring that would eliminate 550 jobs worldwide over the next year.

Chairman and CEO Rooke told the Lexington Herald-Leader that few if any Lexmark employees would be affected by the move. He also told the newspaper that all of Lexmark’s business units, including imaging and enterprise software, would be unaffected.

Apex is headquartered in the province of Guandong. The company makes ink cartridge chips and integrated circuit chips used in ink cartridges.