Diversified manufacturer Ingersoll-Rand cited weakness in Europe as a key culprit, while Pentair said on Thursday it would cut about 1,600 jobs, or over 10 percent of its workforce, and close certain facilities to cut costs.

Industrial heavyweights from General Electric to Illinois Tool Works have been battered by the economic downturn as customers cut back on orders and struggle to reestablish credit lines with a hard-hit financial sector.

Ingersoll Rand slashed its fourth-quarter earnings outlook by more than half, down to a range of 20 to 30 cents per share from 55 to 75 cents per share, excluding restructuring costs and costs associated with its acquisition of air conditioner company Trane.

Analysts had been expecting earnings of 59 cents per share for the quarter, according to Reuters Estimates.

For the Full-year, it said its earnings assumption was for $3.00 to $3.10 per share, down from a prior forecast of $3.35 to $3.55 per share and below the $3.30 forecast by analysts.

It cut its revenue forecast to $3.7 billion, about 10 percent below its initial estimate of $4.1 billion. About two percentage points of the new, lowered forecast is the result of the strong dollar, which lowers the value of its overseas sales.

"We had lower than expected revenues in all of our business segments, primarily due to softer North American and sharply declining Western European markets," said Ingersoll-Rand CEO Herbert Henkel.

"The rate of deterioration in European economic activity was especially severe over the last six weeks," he said, adding that the strengthening dollar amplified the revenue decline.

Pentair, a maker of water quality systems and electrical enclosures, cut its view for fourth-quarter earnings per share to a range of 40 cents to 42 cents, down from the 52 cents to 55 cents it had previously expected and below the 53 cents per share analysts were expecting.

Sales are now seen at about $770 million, down from the $840 million it had forecast.

The company plans to accelerate its restructuring moves by freezing hiring and annual salary increases, aggressively reducing indirect costs and adjusting capital expenditure levels.

"The speed and impact of sluggish demand in global markets and consumer spending has had a deeper impact on our orders and sales volumes than we previously expected," Randy Hogan, chairman and chief executive officer, said.

(Reporting by Christopher Kaufman and Franklin Paul, editing by Dave Zimmerman)