The ongoing economic slowdown has impacted big and small firms alike. This has resulted in a layoff spree like never before. To save costs, PC and printer major HP Inc is gearing up to lay off 100 employees. 

HP employs 2,600 people in Israel. As per media reports, most of the job cuts will be in HP Indigo, which is engaged in the production of digital printing machines.

Other than HP Indigo, staff may also be fired from HP's marketing system and headquarters, which manages sales activities in Israel, reported marker.com.

In November last year, the company announced that it will fire nearly 4,000-6,000 employees by the end of 2025, which is between 7-11 per cent of its workforce.

Commenting on the layoff, the company said 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, reported Outlook.