Lexmark Inkjet Cartridges , one of the most admirable printer manufacturing companies after HP, Epson and Canon, has recently announced that it will close its inkjet manufacturing business within 2-3 years. The Company further made a shocking reveal on Tuesday that it will cut around 1,700 jobs across the world to save money by cutting additional costs and expenses. They have begun with this strategy to save around $95 million annually and to improve their gross profitability. 

The Company has struggled hard to make its access to the inkjet market taken over by HP and Canon. However, earlier this year it had began to move its focus away from inkjet Cartridges market by gradually moving back from high street stores. The Company that spun off from IBM has gone through tough competition to establish its position in the market. It has recently suffered a thrash when Kodak overtook it in consumer sales in the European market.    

Now, the company is focusing onto its software services and MPS (Managed Print Service) sectors, which provides necessary services to manage documents, imaging and other content. Particularly, Lexmark said that it will close jobs of employees working for inkjet manufacturing, development and support work. Consequently, the company will close its manufacturing facilities in Cebu, Philippines at the latter part of the year 2015. This sudden move made by the company will eliminate 1,100 manufacturing jobs and another more 600 jobs will be cut as inkjet development will be expired by the end of 2013. Lexmark also maintained that it is seeking for selling its inkjet technology.