Walgreen, Nissan Plan Job Cuts

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.