LEXMARK TO CUT 360 JOBS MOSTLY IN MEXICO

[Anonymous]

http://www.kentucky.com/181/story/768474.html
Lexmark to cut 360 jobs, primarily in Mexico
Lexmark International announced its second restructuring this year on Tuesday, saying it plans to cut 360 jobs with the bulk coming with the closure of one of its inkjet cartridge plants in Mexico.The announcement came as part of the company’s announcement of first-quarter earnings, which came in well above analysts’ estimates.The company reported earnings of $59 million in the quarter, or 75 cents per share. Earnings per share would have been 89 cents excluding 14 cents per share in restructuring charges.The company’s latest restructuring becomes its sixth in the past five years. Earlier this year, it announced it would cut or transfer nearly 160 jobs at its Lexington headquarters.It did not say in a statement on Tuesday how many of the new cuts, if any, would come from its Lexington headquarters.

The cuts are centered on the planned closure of its inkjet cartridge facility in Juarez, Mexico, during the first quarter of 2010. That is expected to be 270 of the 360 jobs.For the quarter, the company continued to see revenue decline. Revenue fell 20 percent, higher than the company’s prediction as its laser unit saw sales fall 19 percent and inkjet declined 20 percent compared to the same periods a year ago.Executives said the “weak global economic conditions” reduced customer demand for both printers and ink and toner.Looking forward, the company expects a revenue decline in the second quarter that is comparable to its first quarter performance.

[Author]

April 21, 2009 at 11:27 AM