Harley-Davidson announced today that it has sold MV Agusta back to its former owner, Claudio Castiglioni for an undisclosed sum.
American motorcycle manufacturer Harley-Davidson announced today that it has completed the sale of MV Agusta for an undisclosed amount to Claudio Castiglioni and his wholly owned holding company, MV Agusta Motor Holding, S.r.l.
Just two years ago Harley acquired the legendary Italian marque purchasing from Castiglioni at a price of $109 million. The acquisition was made as part of Harley’s original plan to expand its presence in Europe and to complement both the Harley-Davidson and now defunct Buell Motorcycle brands.
The scheme failed and Harley stated that it would be attempting to sell MV last October as part of a new business strategy to focus resources on its core Harley-Davidson product. At that time Harley also announced that it would be permanently shutting down its Buell Motorcycle subsidiary.
In the end the person laughing straight to the bank is Castiglioni as he certainly paid far less for the company then he had sold it for in 2008.
“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 our investment on the Harley-Davidson brand, as we believe this provides an optimal path to long-term growth.”