Harley-Davidson sells MV Agusta

Legendary Italian motorcycle marque returns to former owners

US BIKE GIANT Harley-Davidson has sold iconic Italian motorcycle brand MV Agusta to the Castiglioni family.

Once former owners of the MV brand, Claudio and Giovanni Castiglioni sold Agusta to Harley in 2008 for an estimated £65million. The buyback figure in the new deal has not been disclosed by either party.

“MV Agusta is the crown jewel of Italian motorcycles, I am thrilled to have completed this transaction,” said Claudio Castiglioni on the new deal. “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.”

The sale of MV is part of Harley's financial streamlining plan; Buell motorcycles fell under the company axe last year when Harley announced they were to pull the plug on the V-twin sportsbike company.

Harley-Davidson boss, Keith Wandell, said of the new deal:

“MV Agusta is a proud brand and we wish Mr. Castiglioni and the company’s employees well,” said 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.”