Lexmark (NYSE:LXK) announcing jobs cuts and the closing of its inkjet business to transfer focus to other business units. The printer maker said it will no longer make their inkjet printers and will instead sell its more sophisticated laster printers. In response to the closing of its inkjet unit, 1,700 jobs will be cut and a plant in the Philippines will close by the end of 2015. Lexmark will also take a $160 million pre-tax charge related to its restructuring and plans to buy back $100 million in its own shares with a potential of $250 million of buy backs in the pipeline.Investors are liking Lexmark’s plan if today’s numbers are any indication. Currently, the company’s stock is up almost 16% to $22.02.