Lexmark, longtime maker of inkjet printers, is shutting down its staple business and laying off 1,700 employees as it looks to compete in an ever-paperless world.
Of the 1,700 workers it's letting go, more than 550 of them are reportedly from Lexington, Ky., the company's hometown.
The company also plans to close a manufacturing plant in the Philippines, which employs 1,100 people, by 2015.
Out of ink
With annual savings of $98 million (£61.9) expected thanks to the cuts - expected to go into full effect by 2015 - Lexmark is looking to refocus its attention on "higher value imaging and software solutions," CEO Paul Rooke reportedly said.
Before Lexmark can see savings, it will have to payout approximately $160 million (£101) in severance and other costs.
In a sign it really is getting out of the inkjet biz, Lexmark plans to cover those expenses through the sale of about 1,000 inkjet-related technology patents.
Those who own a Lexmark printer, like the Pro X4875, need not worry about refilling cartridges or replacing broken parts as the company plans to continue producing and providing support for these defunct devices.