Lexmark to Cut Jobs as Profit Falls

Lexmark International Inc. said it will cut as many as 1,600 jobs, or 12% of its work force, as fourth-quarter profit is expected to fall because of slowing sales. “We have never seen a slowdown like this and it’s unrelated to Sept. 11,” Chief Executive Paul Curlander said on a call with analysts and investors.

Shares of Kentucky-based Lexmark fell as much as 13%.

The company will set aside up to $120 million in fourth-quarter costs for the job reductions and to close a plant in Mexico.