MV Agusta secures strategic growth plan
MV Agusta has secured a € 30m share capital increase to support its 5-year business plan - aiming at the continuation of the worldwide growth of the company. The investment brings MV Agusta's net equity to a total of € 70m.
The initiative is also said to mark the positive, final and early settlement of all its obligations under the 'Composition with Creditors' on a going concern basis ("concordato preventivo in continuità aziendale" in Italian law) - described by MV as "an uncommonly positive achievement which was made possible thanks to the relevant support of MV Agusta's shareholders."
Since 2019, when the Sardarov family became the sole shareholder of the company, more than € 150m have been injected into the business to support operations and the investments of the new industrial plan.
"MV Agusta is now in a very strong position to step up the execution of its strategic plan, focusing on the development of the new engines and models, the brand's expansion into new segments, such as adventure, electric recreational and urban mobility, as well as on strengthening its global sales network. The relaunch of such a historic Italian company is also having positive effects on the local community, helping to maintain employment levels, and contributing to the Italian economy in general during this difficult 2020 - 2021 period."
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| Massimo Bordi, Vice Chairman of MV Agusta Motor S.p.A.: "We have finally created the conditions to allow MV Agusta write a new successful chapter in the history of motorcycling." |
Timur Sardarov, CEO of MV Agusta Motor S.p.A., is quoted as saying: "One of my first objectives was to put an end to the financial stress the company had been experiencing and lay the industrial and commercial structures for growth. Today all these objectives have been reached in full and now we can look at the future with renewed confidence while we continue to move from one successful product to another.
"This capital injection will literally boost our business on all fronts, from the design, development and production of stunning new bikes to providing world-class service to all our customers and expanding our 3.0 worldwide dealer network. In 2021 we expect to exceed € 100m revenues for the first time in our history and to triple our performance within the next three years."
Massimo Bordi, Vice Chairman of MV Agusta Motor S.p.A., added: "MV Agusta is a great brand with a prestigious heritage. It's always had very attractive products that everybody appreciates for their unique design, high performance and advanced technology. That's why today I see a great potential in the company, which I hadn't seen in the past years. We have finally created the conditions to allow MV Agusta write a new successful chapter in the history of motorcycling."
www.mvagusta.com
