Milwaukee, WI -- Harley-Davidson, Inc. (NYSE: HOG) today announced the completion of its purchase of the privately-held Italian motorcycle maker MV Agusta Group. The Company has acquired 100 percent of MV Agusta Group shares for total consideration of approximately 70 million euros ($108 million), which includes the satisfaction of existing bank debt for approximately 45 million euros ($69 million).
"We are thrilled to welcome the MV Agusta family of customers and employees into the Harley-Davidson family of premium motorcycle brands," said Harley-Davidson, Inc. Chief Executive Officer Jim Ziemer. "Our primary focus with this acquisition is to grow our presence and enhance our position in Europe as a leader in fulfilling customers' dreams, complementing the Harley-Davidson and Buell motorcycle families," Ziemer said.
Retail sales of Harley-Davidson motorcycles have grown at a double-digit rate in Europe in each of the last three years, as the Company has increased its strategic focus on global markets.
MV Agusta Group adds two lines of motorcycles to the Harley-Davidson, Inc. family: a line of exclusive, premium, high-performance sport motorcycles sold under the MV Agusta brand; and a line of lightweight sport motorcycles sold under the Cagiva brand. MV Agusta's F4-R motorcycle, powered by a 1078cc in-line four-cylinder liquid cooled engine, is rated at 190 hp.
In conjunction with finalizing the acquisition, Harley-Davidson has named Matt Levatich as Managing Director of MV Agusta Group. Levatich, 43, joined Harley-Davidson in 1994 and has served in a variety of roles, including significant positions in Harley-Davidson Europe sales and marketing, based in England. He headed Harley-Davidson materials management as Vice President for four years and most recently was Vice President and General Manager of Parts and Accessories and Custom Vehicle Operations.