LucasVarity to supply GM

Wednesday 01 April 1998 00:02 BST

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LucasVarity to supply GM

LUCASVARITY, the automotive and aerospace group, has signed a contract with General Motors to provide anti-locking brakes and other safety features for some passenger cars. The group has a pounds 1bn war chest to spend on acquisitions after concluding the sale of Varity Perkins, its diesel engine business, but disappointed the market by failing to announce any new deal. The group unveiled a sharp rise in final-quarter underlying operating profits to pounds 92m (pounds 60m) bringing profits for the year to January to pounds 329m (pounds 277m).

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