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|05-05-2016, 06:40 AM||#1|
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MV planning to buy back shares from MercedesAMG and cut bike production
Production will drop from 9000 bikes a year to 6000 under plan to save Italian marque
MV AGUSTA is planning to buy back shares from Mercedes-AMG and cut motorcycle production from 9,000 units a year to 6,000, according to a report from Italy.
The measures are part of a plan to restructure the firm in the face of debts of over €50 million, according to an interview with MV President Giovanni Castiglioni published by the Italian news website Il Giorno.
Mercedes-AMG has owned a 25% stake in MV since 2014 but it recently emerged the Italian motorcycle marque had been forced to ask suppliers to wait for payment for debts.
The Varese firm’s financial situation follows a growth in sales and turnover coupled with an increase in investment in new models. The latest plan will see that investment cut from €15 million a year to €7 million.
Castiglioni said: ‘We are negotiating a buy-back of shares’ from Mercedes-AMG and ‘working to bring new investors in the company’.
‘In the meantime we are carrying out a plan that aims to generate cash and then restructure the debt.’
The number of bikes produced annually is projected to drop from 9,000 to 6,000 before returning to between 7,000 and 8,000.
Castiglioni said the focus would be quality, adding: ‘We want to go back to being the Ferrari of motorcycles.’
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