Lexmark Will Cut 825 Additional Jobs (LXK)
Tue. October 20, 2009; Posted: 09:48 AM
Oct 20, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 10/20/2009 - Lexmark International Inc. (NYSE:LXK) said Tuesday that it will cut an additionally 825 jobs this month after the company reported that restructuring costs drove down Q3 profits despite improving demand. Lexmark plans to cut jobs primarily in manufacturing, supply chain, service delivery, marketing and sales support, corporate and development. The company expects to save about $70 million next year and $110 million in 2011 and expects to take about $120 million in pretax charges for severance and other expense, with about $33 million of that incurred in Q3.
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