UPDATE 2-FACTBOX-Corporate ax hits over 70,000 in US, Europe

(Adds Texas Instruments, Macatawa Bank)

Jan 26 (Reuters) - Corporations in the United States and
Europe on Monday disclosed plans to lay off more than 70,000
workers as they cope with a severe economic downturn.

Blue-chip U.S. companies Pfizer and Caterpillar announced
the largest cuts, while European heavyweights ING and Philips
also unveiled plans to slash thousands of jobs.

Outright layoffs are by no means the only moves companies
are making to cut costs. A study by consulting firm Challenger,
Gray & Christmas found almost half of employers had avoided
cutting staff through measures including salary freezes and
cutting back workers' hours.

"While layoffs are usually the most visible action, and
usually the most painful, companies are finding a multitude of
ways by which to cut costs," said John Challenger, chief
executive of the Chicago-based company.

Among the largest cuts announced on Monday:

* Drugmaker Pfizer Inc (PFE.N), which is acquiring rival
Wyeth WYE.N, plans to cut 15 percent of the companies'
combined 130,000 workers -- about 19,500 jobs.[ID:nN26367941]

* Caterpillar Inc (CAT.N), the world's largest maker of
heavy equipment, plans to lay off 17,000 workers and buy out
2,500 others to cut costs. [ID:nN21475857]

* U.S. mobile phone service provider Sprint Nextel Corp
(S.N) plans to reduce staff by 8,000, or 14 percent of its work
force. [ID:nN26368948]

* Home Depot Inc (HD.N), the world's largest home
improvement retailer, said it would eliminate 7,000 jobs, or 2
percent of its work force, as it closes its Expo home design
unit. [ID:nN26371979]

* Amsterdam-based banking and insurance group ING (ING.AS)
said it plans to cut 7,000 jobs to save $1.3 billion (1 billion
euros) in 2009. [ID:nLQ108896]

* Dutch conglomerate Philips Electronics (PHG.AS) will cut
6,000 jobs after reporting its first loss since 2003.
[ID:nLQ757333]

* Corus, Europe's No. 2 steelmaker, said it would cut 3,500
jobs worldwide, 8 percent of its workforce. [ID:nN25335794]

* Spanish steel producer Acerinox (ACX.MC) said it may
temporarily lay off workers at its Spanish factory, which
employs 2,500 people, if demand does not improve.
[ID:nLQ256855]

* General Motors Corp GM.N plans to lay off 2,000 workers
at two assembly plants in Michigan and Ohio and temporarily
idle another nine North American assembly plants in response to
weak demand. [ID:N26381559]

* Texas Instruments (TXN.N) said it was cutting 12 percent
of its jobs, including 1,800 layoffs and 1,600 voluntary
departures, and warned that current quarter revenue would fall
even further. [ID:nN26383880]

* Holland, Michigan-based Macatawa Bank Corp (MCBC.O) said
it would reduce staff by about 10 percent. The company also
said its management will forego bonuses in 2008 and all
employees will forego annual pay hikes in 2009.[ID:nBNG115678]
(Reporting by Scott Malone and Patrick Fitzgibbons; Editing by
Tim Dobbyn, Bernard Orr)