GM To Sell Stake In Isuzu
General Motors Corp. said it will sell its 7.9% stake in Japanese truck maker Isuzu Motors Ltd. for $300 million, ending a 35-year equity alliance to raise much-needed cash to revive its ailing business. In a widely expected move, Japanese trading houses Mitsubishi Corp. and Itochu Corp. will each take a 3.5% stake from the
The sale of diesel-savvy Isuzu, regarded as GM's strongest strategic partner in
GM accounts for more than one-fifth of Isuzu's revenues, purchasing more than $1.54 billion in parts and products from the Japanese truck maker. GM and Isuzu first formed an equity alliance in 1971 and their cooperation spans a broad range, including mutual supply of trucks as well as joint development and production of commercial vehicles and diesel engines.