Cummins Engine announced it would ax 350 salaried jobs, or about 1.3 percent of its workforce, by December in response to lower demand in the heavy-duty truck market.

The company has slashed nearly 900 employees since the start of the year. It added that the job cuts are part of Cummins' major restructuring of its medium- and heavy-duty truck business.

In October, the Columbus, Ind.-based manufacturer reported a 50 percent drop in third-quarter earnings.

Exide acquired Lombard, Ill.-based GNB Technologies, making the company the world's largest motive power, network power and transportation battery manufacturer.

Reading, Pa.-headquartered Exide now expects annual revenue to be approximately $3.2 billion. GNB will continue to market its Champion brand batteries and its GNB and Pacific Chloride batteries.

Mitsubishi Heavy Industries and Nissan Motor entered into an agreement designed to increase each company's competitiveness in worldwide forklift truck markets.

The agreement aids both Japanese companies in the development of new products, specifically 1- to 3-ton engine-powered models that will be distributed globally.

Dresser-Rand will relocate its Houston headquarters to Olean, N.Y., in a move expected to provide 500 new jobs during the next three years. The company will retain its 2,500 workers at three plants.

The Ingersoll-Rand subsidiary plans to invest $40 million in the move and to bolster existing manufacturing plants in Olean and neighboring towns.

DeWalt, headquartered in Baltimore, signed an agreement to acquire Johnstown, Pa.-based Emglo Air Compressors. Terms of the agreement, which will be finalized in about 30 days, were not disclosed.