Sweden-based auto supplier Autoliv Inc. (ALV) cut 3,000 more jobs in the first two months of 2009 as it accelerates efforts to match costs with declines in auto sales worldwide.

The world's largest maker of seat belts and airbags said it has reduced its work force by about 9,000, or 20%, since June, including this year's cuts. Many auto makers and suppliers have been slashing payrolls as sales began steep slides in the middle of last year.

At the end of February, General Motors Corp. (GM) and Chrysler LLC each owed Autoliv about $20 million. That is down from a combined total of $50 million as of Jan. 31.

The Detroit auto makers have slowed payments to suppliers as they struggle to fund operations. Both GM and Chrysler have received billions of dollars in loans from the federal government and are seeking more.

Autoliv said its expects capital spending of $200 million to $250 million this year, down from $279 million in 2008.

The company drew $300 million this month from its revolving credit facility, primarily for debt maturing in March and April. It has $279 million in debt maturing in the rest of 2009, compared with $892 million in cash and utilized long-term credit facilities Feb. 28.

Autoliv also said it plans to offer about $200 million in common stock and about $150 million in equity units in the U.S.

Its shares closed down 12% at $16 on Tuesday and were unchanged in after-hours trading.

-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975;