Milwaukee-based Harley-Davidson Inc. announced today that it has concluded the sale of its subsidiary, MV Agusta, to Claudio Castiglioni and his wholly owned holding company, MV Agusta Motor Holding, S.r.l., effective today.
Castiglioni is the former owner of MV Agusta, an Italian motorcycle manufacturer, and has served as MV Agusta’s chairman since 2008, when Harley-Davidson acquired the company.
Harley paid $109 million to purchase MV Agusta, and absorbed $70 million of the company’s debt.
The sale price of MV Agusta to Castiglioni was not disclosed.
In October, Harley announced its intention to sell MV Agusta as part of a new corporate strategy to focus resources on the Harley-Davidson brand. Since then, Harley-Davidson has held discussions with 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 CEO 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."