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Autos

September 20, 1993|From Times Staff and Wire Reports

GM to Spin Off Axle Business: In its third deal reported last week, General Motors Corp. announced the sale of the rear axle business, which consists of five plants and 6,800 workers. The recent sales by the nation's biggest auto maker are in addition to at least 74,000 planned job cuts and the shutdown of up to 23 factories by the mid-1990s. Analysts said the deals should allow GM to put more money into its financially pinched car and truck business. GM would not disclose the sale price of the axle business or its Inland Fisher Guide trim plant in Trenton, N.J. A deal to sell Indianapolis-based Allison Gas Turbine for an estimated $300 million was announced last week.

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