Even Harley-Davidson Feels Effects of the Global Depression - HD Unveils New Single-Brand Strategy: Divest MV Agusta and Discontinue Buell
VARESE, Italy - October 15, 2009: Harley-Davidson, Inc. today announced its third quarter financial results and unveiled key elements of its go-forward business strategy to drive growth through a single-minded focus on the unique strengths of the Harley-DavidsonŽ brand. As part of this strategy, the Company will divest its MV Agusta unit and also discontinue the BuellŽ product line.
"Our objective in acquiring MV Agusta last year was primarily to expand our presence in Europe, and was a recognition of MV Agusta's proud legacy. While growth in Europe and other global markets remains highly important to us, we believe that focusing our efforts on the Harley-Davidson brand is the optimal path to sustainable growth," said Matt Levatich, President and Chief Operating Officer of Harley-Davidson Motor Company.
"This decision was not made lightly. MV Agusta is a great company with a proud heritage and brand, high-quality exciting products, and a passionate team with whom we have achieved a great deal over the past 14 months," Mr. Levatich added.
Harley-Davidson acquired the privately held Italian motorcycle maker MV Agusta in August 2008 and key achievements since then have included the reinstating of production at the Company's Varese factory and the re-starting of product development - leading to the recent unveiling of the re-engineered Brutale to great accolades from dealers and customers alike.
"With a streamlined business and such an exciting product pipeline we sincerely believe that MV Agusta is well positioned for the future," said Mr. Levatich.
Harley-Davidson will now begin actively looking for a buyer for MV Agusta to continue along the development of the brand as an outstanding manufacturer of premium, Italian performance motorcycles.