IDG News Service (New York Bureau) — Lexmark International has exited the inkjet printer business and is laying off 1,700 people as part of a restructuring plan to improve profitability.

Lexmark's restructuring will result in job cuts mainly tied to the inkjet business, including 1,100 manufacturing positions, the company said in a statement Tuesday. As part of the restructuring plan, the company is shutting down an inkjet supplies manufacturing facility in the Philippines by the end of 2015, and eliminating other inkjet development assets by the end of 2013.

While the company will stop offering inkjet printers, it ...