Textron, Unisys: 3,500 job cuts
Industrial and tech companies attempt to cut costs in slowing economy.
NEW YORK (CNNMoney.com) -- Industrial conglomerate Textron and information technology firm Unisys announced a total of 3,500 job cuts Monday to reduce costs as economic activity slows.
The Blue Bell, Pa.,-based Unisys said it intended to cut about 1,300 jobs worldwide through 2009. The company also said it would be suspending matching 401(k) contributions, which it said were costing $50 million a year, and forgoing 2009 salary increases.
Unisys (UIS, Fortune 500) said it had already begun cutting jobs.
Meanwhile the Providence, R.I.-based Textron said it had cut 2,200 jobs worldwide, as part of a previously announced restructuring plan. The company said the plan may cost $65 million by the end of the quarter, but save $100 million in 2009.
Textron said the jobs have already been eliminated.
"Continued weakening in economic conditions is ... impacting customers of our manufacturing segments, especially at Cessna and (the company's industrial division)," said Textron President Lewis Campbell in a statement.
Textron (TXT, Fortune 500) also said it would be exiting the commercial finance business.
Nearly 2 million jobs have been lost in the U.S. in the first 11 months of this year, according to the government. That number includes 533,000 job cuts in November alone, the worst monthly toll in 34 years.
December has also been hard on workers, with about 140,000 job cuts announced so far. Bank of America (BAC, Fortune 500) announced a particularly harsh plan earlier this month, when it promised to slash up to 35,000 jobs over three years as it absorbs Merrill Lynch (MER, Fortune 500).
Just last week, Sovereign Bancorp (SOV, Fortune 500) and video game designer Electronic Arts (ERTS) announced a total of 2,000 job cuts due to the weak economy. 
