Lexington, KY – Lexmark International is selling the inkjet printer division it shutdown last summer to Osaka-based Funai Electric Company for approximately $100 million.
The transaction will not negatively affect workers in Lexington, according to Lexmark spokesman Jerry Grasso. In fact an unannounced number of employees laid off last summer will be brought back to join a transition team of 30. Also comprised of current employees, the team will work with Funai over the next 18 months.
As part of the purchase, Funai is acquiring more than 1,500 U.S. and foreign-based patents, output and imaging technologies, all outstanding shares and the manufacturing facility of Lexmark International (Philippines), Inc. and other inkjet-related technologies and assets.
The deal, announced Monday night, is expected to close some time in the second quarter of this year.
Funai has manufactured inkjet hardware for Lexmark since 1997, according to a release announcing the transaction. The acquisition of the inkjet-related technology and assets will enable Funai to launch new inkjet hardware and supplies under Funai's own brands.
Funai will become a manufacturer of Lexmark's aftermarket inkjet supplies. Lexmark will continue to support its installed base of customers in the sale of aftermarket inkjet supplies and will continue to provide customer technical and warranty support.
"As we continue our transition to becoming a leading end-to-end solutions provider, this transaction essentially completes our exit from the ownership of inkjet-related assets, although we will continue to support our existing customer base with the sale of inkjet supplies," Lexmark Chairman and CEO Paul Rooke said in a release. "Funai has been a trusted partner of Lexmark's since 1997, and I am fully confident in Funai's ability to deliver high-quality inkjet supplies for Lexmark."