In conjunction with Harley-Davidson’s Q3 financial results, and shutting down of Buell Motorcycles, the Milwaukee motorcycle manufacturer is announcing that it will be selling Italian sportbike manufacturer MV Agusta.
Harley-Davidson bought MV Agusta just under a year ago, and assumed a substantial amount of debt from the beleaguered company. This past quarter, Harley-Davidson recorded a one-time fixed-asset impairment charge of $14.2 million related to Buell and a goodwill impairment charge of $18.9 million related to MV Agusta.
Harley-Davidson has now instructed MV Agusta to begin immediate preparations to sell the Varcose, Italy based brand, this coming on the heels of MV’s recent “update” to the Brutale, and impending release of the “all-new” F4.
Talking about the decision to let Buell and MV go, CEO Keith Wandell said the following:
“Buell and MV Agusta are great companies, with proud brands, high-quality exciting products and passionate enthusiasm for the motorcycle business. Buell has introduced many innovative advancements in motorcycle design and technology over the years and MV Agusta is known in Europe for its premium, high-performance sport motorcycles. However, our strategy to focus on the Harley-Davidson brand reflects the fact that we believe our investments in that brand are a better utilization of overall company resources.”
The question now remains, who is left in the financial position to purchase MV Agusta?