American manufacturer HP Inc. is to cut between 50 and 90 jobs in Israel, according to reports in the national business media Globes and Calcalist . Its local subsidiary, with around 2,500 employees, is mainly structured around HP Indigo printing technology, created in 1977 by Israeli Benny Landa and sold to HP in 2001. This new cut is part of a worldwide reorganization initiated at the end of 2022 by the press and printer manufacturer, at a time when the technology sector was entering a slowdown phase.
Originally presented as a plan to cut 7,000 jobs, the program has since been extended to 9,000 redundancies group-wide. HP expects to reduce costs by $300 million before the end of the fiscal year in October. Around 2,000 redundancies have already been implemented since then, in several countries and without targeting specific divisions.
In Israel, staff numbers have remained stable overall, fluctuating between 2,400 and 2,500 over the last two years. But the structure is no longer immune to cuts decided at headquarters, regardless of department, according to the Israeli business press.
On the financial front, HP posted mixed results. Third-quarter sales were up 3%, but net income was up 19% to $763 million, compared with $640 million a year earlier. At the same time, free cash flow improved to $1.5 billion, up 13% year-on-year.
Contacted by the media, the group declined to comment.