Cleveland-based Eaton Corp. recently announced it plans to cut 5,200 jobs in an effort to further slash costs in the face of a struggling economy. The latest cuts, combined with 3,400 layoffs announced in the second half of 2008, would bring the total number of staff cuts to 10% of the company's total workforce.

In December, the company slashed its profit forecast for the quarter and said its end markets could decline by about 7% in 2009.