MEXICO : LEXMARK TO CUT 360 JOBS

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MEXICO : LEXMARK TO CUT 360 JOBS

 user 2009-04-21 at 11:28:41 am Views: 54
  • #22210
    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.