By Rida WATCH RELATED VIDEO Submit Storm clouds hang in the sky over Quinn Co. Caterpillar on January 26, 2009 in City of Industry, California. Under presser of a worsening economy, several industry giants announced today that they will lay off nearly 50,000 employees. The biggest international manufacturer of construction equipment, Caterpillar, will eliminate 20,000 jobs, about 18 percent of its workforce, after it announced its fourth-quarter profit dropped of 32%. In addition, Home Depot, Sprint Nextel Corp, Texas Instruments Inc., and Pfizer Inc. all announced thousands of layoffs today. Advertisement © 2017 HNGN, All rights reserved. Do not reproduce without permission. Advertisement 0 COMMENTS CLOSE COMMENT Get HNGN's Top Stories Newsletter Everyweek You have already subscribed. Thank you.