Harley-Davidson plans to buy Italian motorcycle manufacturer
July 11, 2008
Filed under Features
Harley-Davidson Inc. has announced its intentions to purchase the MV Agusta Group, a move that shows the manufacturer’s intention to increase its European presence.
Under the agreement, Harley-Davidson will acquire 100 percent of MV Agusta Group shares for approximately 70 million euros ($109 million), which includes the satisfaction of existing bank debt for approximately 45 million euros ($70 million).
Harley-Davidson Inc. plans to continue to operate MV Agusta Group from its headquarters based in Varese, Italy. Following the sale’s closing, Harley said it will appoint a leadership team to include a new managing director and will resume the manufacture of current models. ??
Harley also said current MV Agusta Group Chairman Claudio Castiglioni will continue in a leadership role as chairman and will play a major role in future product development. Design Chief Massimo Tamburini will continue his leadership of MV Agusta Group's world leading sport-bike design studio. ??
Read more about the agreement in the upcoming edition of Powersports Business.