Harley-Davidson Sells MV Agusta
Castiglioni regains ownership of Italian manufacturer
Claudio and Giovanni Castiglioni have repurchased 100% of the shares of MV Agusta from Harley-Davidson. Former Ducati engineer Massimo Bordi will also hold a prominent position in MV Agusta. Bordi worked with the Castiglionis when they owned Ducati.
“MV Agusta is the crown jewel of Italian motorcycles, I am thrilled to have completed this transaction,” says Claudio Castiglioni. “I have already won once together with Massimo Bordi, we made the most beautiful bikes in the world and we will continue with this tradition.”
Castiglioni sold MV Agusta to Harley-Davidson in 2008 for approximately $109 million including $70 million in debt. Castiglioni stayed with the company following the initial sale as chairman; he will continue in that position, with a focus on developing new products.
Under Harley-Davidson ownership, MV Agusta repaid its debts and received new manufacturing equipment. MV Agusta released three new models over the past year, the 2010 Brutale 990R, Brutale 1090RR and the F4. Another new mid-sized sportsbike, rumored to be called the F3, has been under development
“MV Agusta has full capacity to once again become a major player in the high luxury brand motor bikes, this brand is one of the most recognized worldwide,” says Bordi. “We will implement a number of reorganization and managerial actions in the near future. Both the current and new models under development have a very strong character, great innovative features and a very unique design, I have no doubts about their future success.”
Harley-Davidson announced it would sell MV Agusta in October 2009, while also discontinuing Buell.
“MV Agusta is a proud brand and we wish Mr. Castiglioni and the company’s employees well,” says Keith Wandell, Harley-Davidson president and chief executive officer. “Our decision to divest MV Agusta reflects our strategy to focus our efforts and our investment on the Harley-Davidson brand, as we believe this provides an optimal path to long-term growth.”
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