Lexmark to cut 4% of workforce

LEXINGTON, Ky. (WTVQ) – On Wednesday, Lexmark announced a restructuring program designed to increase profitability and efficiency.

As a part of the restructuring, approximately 550 positions worldwide are expected to be eliminated over the next 12 months, a portion of these positions being shifted to low-cost countries. Currently, Lexmark has approximately 14,000 employees worldwide.

The program is expected to generate approximately $67 million in savings for 2016 and annualized ongoing savings of approximately $100 million beginning in 2017.