Founded in th 1940s by Artur and Alfonso Henriques in Espinho, Portugal as 'Luso Celuloide', meaning 'Portuguese Celluloid', 'Lusitania' is the classical name of Portugal.
Luso Celuloide produced celluloid toys and household products. Alfonso left the company in the 1950s to start his own firm named 'Hercules' and started producing plastic toys (btw none of them in the 87th scale). Roughly in the same period 'Luso Celuloide' became 'OSUL' and starts using plastic instead of celluloid.
In the 1970s the 'OSUL' company starts producing metal car models in 1/43 scale, this time under the 'METOSUL' name. Already many years ago production ceased of these 1/34 models and they are now rare and sometimes difficult to find.