OTHER NEWS - Aug. 30, 1993
From Times Staff and Wire Reports
General Motors to Sell Lotus Units: The auto maker said it will sell Group Lotus and Lotus Cars USA to Italy’s Bugatti International for an undisclosed price. The move is the first by one of the Big Three to divest a premium-priced car maker acquired in the 1980s. A Lotus USA official said he believes the transaction is a cash deal. GM said it had discussed the sale with Bugatti for about six months. GM, which bought British-based Group Lotus and its U.S. unit for a reported $32 million in 1986, is focusing its resources on the high-volume passenger car and light-truck business, spokesman John Pekarek said. Lotus was founded by famed grand prix car designer Colin Chapman.
