Dow Chemical (DOW), 3M (MMM) and Anheuser-Busch Inbev announced wide-ranging restructuring measures Monday amid increased economic turmoil. 

Dow Chemical will cut jobs, idle factories, and restructure its business model in a bid to cut costs amid worsening economic conditions. 

The Michigan-based chemical maker said Monday it would slash 5,000 full time jobs -- or 11% of its workforce -- and 6,000 contractor positions.  The company will also close 20 facilities in "high-cost locations," and temporarily idle 180 plants. 

"The current world economy has deteriorated sharply, and we must adjust ourselves to the severity of this downturn," said Dow Chairman and CEO Andrew Liveris.

The company hopes to save $700 million annually by 2010 as a result of this restructuring. 

3M cut its earnings guidance and said it cut 1,800 positions in the fourth quarter. 

The industrial and office supply maker said it expects its organic growth will slow by 10% and as a result cut its full-year earnings projection to $5.10 to $5.15 per share from the previously estimated $5.40 to $5.48 per share. 

The company also said further restructuring could be on the horizon. 

“During these difficult economic times, we will continue to aggressively manage our costs,” said 3M CEO CEO George Buckley. “We are prepared to implement additional restructuring as economic conditions dictate.”

Anheuser-Busch InBev slashed 1,400 jobs -- or 7%of its workforce.  Three-quarters of the cuts will be at the company's St. Louis division, the company said. 

"To keep the business strong and competitive, this is a necessary but difficult move for the company," said David A. Peacock, president of the company's U.S. division, in a release.

Belgian brewer InBev bought Anheuser-Busch for $52 billion last month.  Analysts were expecting job cuts at the new, combined company as a result of the merger.