The Japanese press is reporting that GM will sell its Australian I-GM commercial truck business to Isuzu, its partner in the venture. Isuzu will also take majority ownership of a GM-spinoff truck manufacturing venture in South Africa.

Isuzu is 8 percent owned by GM. Isuzu-General Motors Australia was established in 1989, and sells one in every five new trucks sold in Australia. As GM divests itself of noncore operations in its efforts to return to profitability, joint ventures are taking a hit, with the company cutting ties with Fiat and Fuji Heavy/Subaru so far this year.

Reuters reports that Isuzu stock was up 5 percent in early trading Monday.

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