Harley-Davidson announces sale of MV Agusta to Claudio Castiglioni
Filed under: Europe, Earnings/Financials, Motorcycle
2010 MV Agusta Brutale 990R - Click above for high-res image gallery
We'd heard the rumors and now it's official. Harley-Davidson has announced that it has sold the MV Agusta brand to Claudio Castiglioni and his wholly owned holding company, MV Agusta Motor Holding, S.r.l. For those who aren't exactly up on their boutique Italian motorcycle history, Castiglioni is the same man H-D bought the company from back in 2008 and had been serving as company chairman ever since.
No actual financial data has yet been announced, but rumors from Italy have it that the Italian businessman isn't actually paying anything more than a single symbolic euro for the storied motorcycle manufacturer and may even be getting some additional financial support from Harley-Davidson for the foreseeable future.
Couple those reports with the realization that H-D payed $109 million for MV Agusta just two years ago and subsequently spent big money to revamp the Italian manufacturer's product lineup and it's easy to see that the Milwaukee-based company is coming out the biggest loser in this exchange.
Harley is showing no (official) hard feelings, though. "MV Agusta is a proud brand and we wish Mr. Castiglioni and the company's employees well," Harley-Davidson President and Chief Executive Officer Keith Wandell said in a statement. Feel free to peruse the official press release after the break.
Gallery: Review: 2010 MV Agusta Brutale 990R
[Source: Harley-Davidson]Continue reading Harley-Davidson announces sale of MV Agusta to Claudio CastiglioniHarley-Davidson announces sale of MV Agusta to Claudio Castiglioni originally appeared on Autoblog on Fri, 06 Aug 2010 13:57:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments
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