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Industrial production in major European economies slumped in November as domestic and foreign demand weakened.
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Caterpillar said it will impose incentive and other pay cuts and offer worker buyouts in light of the downturn in emerging markets.
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Steelcase reported a steep drop in profit and projected a loss for current quarter, as demand for office furniture weakens amid the global slowdown.
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GE's Immelt lowered the 2009 profit projection for the conglomerate's industrial businesses and said it had taken its appliance and light bulb units off the market.
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Diversified manufacturer Honeywell said its profit could drop as much as 16% next year in tough economic conditions.
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