Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
Lexmark history
Lexmark company history timeline
In the early part of 1991, IBM completed a deal to sell Lexmark ("Lex" stands for "lexicon" and "mark" stands for "marks on paper"), its newly renamed Information Products Division, to the private investment group of Clayton, Dubillier, and Rice for approximately $1.5 billion.
1991 International Business Machines Corporation spins off its computer peripherals business as Lexmark International, Inc. through a leveraged buyout; Marvin Mann leads the new company.
In 1992, as the company improved its product development time cycles and made its manufacturing processes more and more efficient, a new dot matrix printer was introduced for use at both work and home, along with an extremely lightweight battery-powered printer for portable personal computer users.
Lexmark also aggressively expanded its IBM PC-compatible keyboard business, which, by the end of fiscal 1992, had grown to include over 40 original equipment manufacturers besides IBM. Lexmark was able to double its operating profits after only two years of operation.
At this time, the company made a commitment to increase its business operations in the international sector and, after a restructuring plan implemented in 1992, improved manufacturing operations in France and built up distribution, marketing, and administrative operations throughout Europe.
The company produced $1.8 billion in revenues during 1992 and, with a good cash flow and astute management of its financial resources, Lexmark was able to dramatically reduce its debt from $1.15 billion to approximately $700 million, an impressive accomplishment within such a competitive industry.
Other major events during 1993 included the introduction of a new series of network laser printers, and a licensing agreement with Interlink Electronics to develop joystick technologies for a burgeoning market.
In 1993, Lexmark significantly enhanced its presence in the Pacific Rim with the acquisition of Gestetner Lasers.
By the beginning of 1994, Lexmark had made its name in the laser printer industry.
Perhaps the most satisfying moment for Mann, however, arrived when Lexmark was able to reduce its debt to a mere fraction of the total amount by the end of 1994.
The close of 1994 marked a milestone in Lexmark history as the IBM logo was finally removed from all company products to be replaced by the Lexmark name.
With international sales up 25 percent over 1994, the company planned to continue expanding its presence overseas through a strategic effort to manufacture more competitive products, improve marketing and intensify sales efforts.
In 1995, Lexmark introduced one of its most successful products, MarkVision, the most thorough and comprehensive printer management system designed up to that time.
The company went public in 1995.Lexmark's primary products include laser, inkjet and dot matrix printers.
The emphasis here was on affordable inkjet printers, and Lexmark broke new ground in 1997 when it began offering color inkjet printers that retailed for less than $100.
In 1998 Clayton, Dubillier, and Rice divested its remaining 23 percent stake in Lexmark.
Also in 1998, Lexmark began supplying inkjets to Compaq Computer Corporation for bundling with Compaq PCs.
1998 Paul Curlander succeeds Mann as president and CEO.
In early 1999 Lexmark expanded its presence in the retail market by securing space for its printers on the shelves of three key retailers, CompUSA, Staples, and Office Depot.
In 2000 the firm cut approximately 900 jobs from its workforce as it shifted production of its Optra line of laser printers from Lexington to plants in northern Mexico and southern China.
Stamper, John, "Lexmark Marks 10-Year Anniversary in Lexington, Ky.," Lexington (Ky.) Herald-Leader, March 27, 2001.
Lexmark was dealt a further blow in May 2002 when archrival Hewlett-Packard (HP) acquired Compaq, thereby ending the Lexmark-Compaq alliance.
Lexmark responded to the poor results by launching a restructuring in January 2006 that involved the elimination of 1,350 jobs, the closure of its inkjet cartridge manufacturing plant in Rosyth, Scotland, and other cost-cutting initiatives.
Sloan, Scott, "Lexmark Looks Forward," Lexington (Ky.) Herald-Leader, March 27, 2006.
Initial talks for the acquisition were begun at the Remax World Expo in 2015.
As part of the sale, the Perceptive Business Unit portion of Lexmark's Enterprise Software Services division (e.g. their non-Kofax branded document management products) was sold to the Thoma Bravo management group who agreed to in-turn sell the Perceptive Business Unit to the Hyland Corporation. It was reported in April 2016 that Lexmark would be acquired by Apex Technology and PAG Asia Capital for US$3.6 billion.
Derdak, Thomas; Salami, David "Lexmark International, Inc. ." International Directory of Company Histories. . Retrieved June 21, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/lexmark-international-inc
Rate Lexmark's efforts to communicate its history to employees.
Lexmark jobs
Do you work at Lexmark?
Is Lexmark's vision a big part of strategic planning?
Lexmark competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| HP | 1939 | $53.6B | 53,000 | 553 |
| Synaptics | 1986 | $959.4M | 1,463 | 5 |
| Sigma Designs | 1982 | $65.9M | 409 | 61 |
| Cadence Design Systems | 1988 | $4.6B | 8,900 | 339 |
| PTC | 1985 | $2.1B | 6,055 | 109 |
| Promise Technologies | 1988 | $270,000 | 450 | - |
| Seagate Technology | 1979 | $6.6B | 40,000 | 62 |
| HUGHES TELEMATICS | 2007 | $71.3M | 6 | - |
| Poly | 1961 | $1.7B | 3,800 | 1 |
| Donatech | 1987 | $8.3M | 50 | 15 |
Lexmark history FAQs
Zippia gives an in-depth look into the details of Lexmark, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Lexmark. The employee data is based on information from people who have self-reported their past or current employments at Lexmark. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Lexmark. The data presented on this page does not represent the view of Lexmark and its employees or that of Zippia.
Lexmark may also be known as or be related to Lexmark, Lexmark Asia Pacific Corp., Inc., Lexmark International Inc, Lexmark International Inc., Lexmark International, Inc. and Lexington Marketing.