SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
October 22, 2001
Lexmark International, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 1-14050 06-1308215
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(State or other Jurisdiction (Commission (IRS Employer
of Incorporation) File No.) Identification No.)
One Lexmark Centre Drive, 740 West New Circle Road, Lexington, Kentucky 40550
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (859) 232-2000
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ITEM 5. OTHER EVENTS.
Lexmark International, Inc. (the "Company") announced today that a
restructuring plan is being developed which will include a reduction in its
global workforce of up to 12 percent. This plan will result in fourth-quarter
2001 pre-tax charges of $100-120 million, with an impact on diluted net earnings
per share of 54 to 65 cents. The restructuring plan will provide for a reduction
in infrastructure and overhead expenses, a reduction in capacity for certain
inkjet printers, and the closure of an electronic card facility in Reynosa,
Mexico. Included in the proposed restructuring plan is the separation of up to
1,600 employees, associated pension costs, and other related expenses. Annual
savings from the restructuring should approximate $50-60 million, with about
$35-45 million being achieved in 2002.
Statements contained in this report which are not statements of historical
fact are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are made based upon management's current expectations
and beliefs concerning future developments and their potential effects upon the
Company. There can be no assurance that future developments affecting the
Company will be those anticipated by management, and there are a number of
factors that could adversely affect the Company's future operating results or
cause the Company's actual results to differ materially from the estimates or
expectations reflected in such forward-looking statements, including without
limitation, the Company's ability to successfully implement its restructuring
plan. The Company undertakes no obligation to update any forward-looking
statement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LEXMARK INTERNATIONAL, INC.
By: /s/ Gary E. Morin
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Name: Gary E. Morin
Title: Executive Vice President and Chief
Financial Officer
Date: October 22, 2001