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Walgreen, Nissan Plan Job Cuts

The Associated Press

The list of companies scaling back their workforces grew again Thursday, as another group announced job cuts.

Drugstore operator Walgreen (WAG Quote) says that starting in February, it will cut 1,000 jobs, or about 9% of corporate management, through a combination of voluntary buyouts and layoffs.

The Deerfield, Ill., company says the job cuts will come from corporate and field management and won't include store employees. The targeted workers will be able to resign or retire with severance pay and benefits based on their tenure. The reductions are intended to save the company $1 billion a year starting in fiscal 2011.

Canadian metals miner Teck Cominco (TCK Quote) says it will cut 1,400 jobs, or 13% of its workforce, as a result of a global slump in commodity prices and to eliminate redundancies from its acquisition of Fording Canadian Coal last year.

About 1,000 employee and 400 contractor positions will be eliminated by the end of 2009, with most of the cuts coming in the first quarter.

Japanese automaker Nissan (NSANY Quote) said it will reduce its British workforce by 1,200, as it lowers production in anticipation of a grim economic year.

The company's British unit will cut shifts from both of its production lines at its plant in Sunderland, which currently employs about 5,000 people. The layoffs include 400 staff on temporary contracts, which will not be renewed when they expire in January. The company plans to complete the rest of the cuts by May.

Cytec Industries (CYTC Quote) announced plans to eliminate 600 jobs, mostly in its specialty chemicals product lines, as the company builds its other segments and adjusts to the global economic downturn.

Cytec said the slowing economy has reduced demand for many of its industrial products, and with no short-term turnaround expected, it must cut costs.

The layoffs will eliminate about 10% of Cytec's headcount and result in an estimated restructuring charge of up to $140 million over the next several quarters, including $50 million in asset write-downs. The company expects the move to save $85 million a year by the end of 2009.

Meredith (MDP Quote), a publishing company, said it will eliminate 250 jobs and close its Country Home magazine in March as it suffers from sharp declines in publishing and broadcasting advertising amid the recession.