Lexmark to layoff 700 employees

Joshua Allsopp reported

Job cuts ahead for Lexmark

Lexmark is laying off 700 employees over the next year according to local press.

The layoffs amount to around 7% of its 10,000-strong global workforce and is part of a global restructuring strategy.

It follows the sale of its enterprise software business, which included Perceptive, Kofax and ReadSoft, to US private equity firm Thoma Bravo in May.

Lexmark CMO Jerry Grasso told the Lexington Herald that,

The restructuring will work to align company talent with our strategy to ensure future success. We are not talking about any country or location specifically.

It is not yet known where the cuts will occur.

It has been a rocky couple of years for Lexmark. Last year it was acquired by Chinese-led consortium Apex, and was the focus of a series of lawsuits. Recently it had an online patent breach ruling overturned and CEO David Reeder resigned.