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Lexmark has called it quits in the inkjet printer business, and is also planning to completely stop selling ink by 2015.

Lexmark has called it quits in the inkjet printer business, and is also planning to completely stop selling ink by 2015.

The elimination of the inkjet business is a part of a major restructuring plan which will supposedly save Lexmark around USD $85-95 million a year. According to analysts, major players including HP, Canon, and Epson account for 90 percent of the printer/inker market, hence, there's not much left for small-timers like Lexmark.

Once words got out that Lexmark will abandon the inkjet business, share prices rose by 14% to $21.62 at around closing hours of trade. Lexmark doesn’t intend to completely step away from the printing business, the company has stated that it intends to remain focused on developing its laser printing technology.

In recent days, Lexmark has been putting much of its effort into providing cheap Wi-Fi enabled printers, but vying for profitability in a market dominated by other major brands prove too much to handle for the once proud inkjet printer maker.

Many people prefer to share their photos and images via social media such as Facebook and Instagram, and that alone makes it very hard for paper/film print businesses to hang around. As for word document printings, the market is still stable for now, but the transition to e-books and cloud storage is cutting into the traditional text printing.