Harley-Davidson, Inc. Acquires Buell Motorcycle Company and Declares Dividend
20 February 1998Harley-Davidson, Inc. Acquires Buell Motorcycle Company and Declares Dividend
MILWAUKEE, Feb. 20 -- Harley-Davidson, Inc. announced today that it has acquired substantially all of the stock of Buell Motorcycle Company (BMC) that it didn't already own. Harley-Davidson owned a 49% interest in BMC since the company's formation in 1993, with the remaining stock owned by company founder Erik Buell. Erik Buell has retained a minority interest in BMC and remains chairman and chief technical officer. He has also entered into a long-term employment agreement with Harley-Davidson. "We are excited about this acquisition and are confident that the Buell Motorcycle Company will continue to be successful in the sport/performance segment of the motorcycle market," said Jeff Bleustein, president and chief executive officer of Harley-Davidson, Inc. "Buell is an integral part of our strategy for expanding into new markets and attracting new customers into the sport of motorcycling." The Company also announced that its Board of Directors approved a quarterly cash dividend of $0.035 per share, payable March 27, 1998 to shareholders of record March 17, 1998. The company currently has 151.7 million shares of common stock outstanding. Harley-Davidson Motor Company, the only major U.S.-based motorcycle manufacturer, produces heavyweight motorcycles and a complete line of motorcycle parts, accessories, and general merchandise. Buell Motorcycle Company produces sport and sport-touring motorcycles. Eaglemark Financial Services, Inc. provides wholesale and retail financing, insurance and credit card programs to Harley-Davidson dealers and customers and similar programs for other leisure products manufacturers. SOURCE Harley-Davidson, Inc.