The Indian print industry is facing tough times.
The world’s fourth-largest printer manufacturer, HP Inc, announced that it is cutting 1,400 jobs in the next three months.
The company said it was also cutting more than 6,000 jobs globally.
In the US, the largest maker of printer cartridges, 3M Co., is facing a similar blow.
3M said Monday that it will lay off about 2,300 people at its printing facilities, and plans to invest $300 million in India to help revive its printing business.
“The printing sector is the core business for 3M, and as we have seen, we are seeing a strong demand for new technologies and processes in the printing sector in India, where the technology ecosystem is still very fragmented,” CEO Michael Gartner said in a statement.
In its most recent annual report, 3MC said that its printing segment is currently experiencing the weakest growth since 2009.
In a recent report, the group said it expects to spend $1.1 billion on printing services over the next two years.
3MC has struggled to regain competitiveness from the collapse of its home-grown printer business, which lost its manufacturing license in 2010.
It’s been in decline ever since, with revenues down about 50% from 2010 to 2016.
The print business is now part of a larger conglomerate that includes 3M-based 3D Systems Corp. 3MG is also in decline.
In India, 3MG has struggled with weak printing and ink demand.
It said in its most recently annual report that its printer market share is down more than 50% over the past three years, while its ink market share has declined by 30%.
3MG said that it expects the printing segment to be the second-largest in India in the years to 2020, but said that the company’s ink market has shrunk by about 25% since then.
3PM said it would slash about 2.5% of its workforce and close the plant it was operating in the United States.
The layoffs come amid an economic slowdown in the world’s second-biggest economy.
The country has been trying to rein in its printing industry, which has suffered from a lack of infrastructure, low technology costs and high labor costs.
But the sector is still struggling.
3DM’s India operations will be shut down over the coming weeks.
3D Printers Inc., a subsidiary of 3PM, has been in India since 2014, when the company announced that the print business was now part in the parent company.
3MD has said it plans to shut down its printing facility in the city of Calcutta in 2021, and it is planning to close the company in 2018.