MILWAUKEE, Aug. 6, 2010 -- It's been a long time coming, but Harley-Davidson, Inc. (NYSE: HOG) has finally found a buyer for its beleaguered MV Agusta subsidiary. The Motor Company concluded the sale of high-end, performance-oriented MV to Claudio Castiglioni and his wholly-owned holding company, MV Agusta Motor Holding, S.r.l., effective today.
You may remember that Castiglioni is the former owner of that Italian motorcycle maker, and has served as MV Agusta's chairman since 2008, when Harley acquired the company.
Back in October of 2009, Harley had announced its desire to sell MV Agusta as part of a new strategy to focus resources on the core Harley-Davidson brand. Ever since then, the MV brand has been shopped around to various potential MV Agusta buyers.
"MV Agusta is a proud brand and we wish Mr. Castiglioni and the company's employees well," said Harley-Davidson President and Chief Executive Officer Keith Wandell. "Our decision to divest MV Agusta reflects our strategy to focus our efforts and investment on the Harley-Davidson brand, as we believe this provides an optimal path to long-term growth."
Company Background
Harley-Davidson, Inc. is the parent company for the group of companies doing business as Harley-Davidson Motor Company (HDMC), Harley-Davidson Financial Services (HDFS) and Buell Motorcycle Company (Buell).