WRAPUP 2-U.S. manufacturers to slash spending in downturn

Newswire

* 3M, Textron to cut 2009 capital spending * Timken, Kennametal profit outlook below view * Oshkosh withdraws forecast, cites volatility * Textron shares fall 28 pct, sector down 2.7 pct (Adds investor quote, details throughout) By Scott Malone and Helen Chernikoff BOSTON/NEW YORK, Jan 29 (Reuters) - Top U.S. manufacturers, having shed tens of thousands of jobs in the face of a severe global recession, are now cutting back capital spending in a struggle to preserve cash as economic ...

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