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Walgreen, Nissan Plan Job Cuts

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

Drugstore operator Walgreen (WAG) 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 - Get Report) 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) 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) 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.
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