Layoff wave: HP Inc to lay off 100 employees in Israel

Layoff wave: HP Inc to lay off 100 employees in Israel

According to the marker.com, some of the layoffs will also come from HP's marketing system and headquarters, which oversees sales operations throughout the nation

FPJ Web DeskUpdated: Monday, February 20, 2023, 12:54 PM IST
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Layoff wave: HP Inc to lay off 100 employees in Israel | Image: Wikipedia (Representative)

100 workers are being laid off by Hewlett-Packard Inc., a PC and printer giant. The majority of the layoffs are happening at HP Indigo, which makes digital printing equipment.

According to the marker.com, some of the layoffs will also come from HP's marketing system and headquarters, which oversees sales operations throughout the nation.

2,600 people work for HP in Israel. By the end of 2025, the corporation plans to eliminate around 4,000–6,000 jobs, or 7–11% of its workforce, it stated in November of last year.

The company announced a 'Future Ready Transformation Plan', estimating annualised gross run rate cost savings of at least $1.4 billion by the end of fiscal 2025, and restructuring and other charges of approximately $1 billion.

The company said in a statement that the decision in Israel "creates capacity to reinvest in growth priorities while adapting to current market challenges".

"HP continues to innovate and create customer value and remains focused on driving the continued digitisation of industry with agility, creativity, and cutting-edge technologies. We are committed to treating people with transparency, fairness, compassion, and respect," said the company.

In October of the previous year, HP let go of roughly 60 workers from its Netanya location in the nation. A division of HP's Graphic Solutions Business is HP Indigo.

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