Lexmark (LXK) intends to stop manufacturing inkjet hardware and sell its related technologies in...

|About: Lexmark International, Inc. (LXK)|By:, SA News Editor

Lexmark (LXK) intends to stop manufacturing inkjet hardware and sell its related technologies in a restructuring that will result in 1,700 job cuts. The overhaul will cost $160M pretax but bring savings of $85M in 2013 and $95M annually from 2015. Lexmark also plans to buy back an extra $100M in shares in H2 and the board has approved another $200M of repurchase authority. (PR)