It's tough to leave an industry in which you've worked for most of your life, but whether you're forced out or not, it's only smart to move to a growing industry. Diana Middleton of the Wall Street Journal addresses this process in a smart column. She emphasizes the inevitable basics:
Redeploy your current skills. Look for opportunities that will use your current skills, but in a new way. If your background is in auto manufacturing, you'll want to stay in manufacturing, but move into a more viable industry such as medical devices or green technology. You'll find my research paper on bluffing your way into a new job filled with new ideas about stretching into different industries.
Be willing to learn new skills--in new locations. Professionals who are willing to retrain themselves--and relocate will be most attractive to new firms. It's wise to consider using some of that buy-out to go back to school.
Build a network outside your industry. Start with the people you know, but use them to put you in touch with people and networks you don't know. Network analysis shows that weak ties to other networks are far more useful for moving outside your current industry. Talk to every single person you know about other industry opportunities--and always conclude that conversation with a question: what two or three people do you know that I should be talking to?
Before you even think about applying to another industry, read up on that industry. Find out how it works, its buzzwords and language. Follow my link to the free Wall Street Journal article.