(Augsut 8, 2010) Harley-Davidson Inc. said Friday it finished its sale of Italian motorcycle maker MV Agusta to Claudio Castiglioni.

Castiglioni is the company's former owner and had served as MV Agusta's chairman since Harley-Davidson purchased it in 2008. Harley-Davidson has been focused on cutting costs and streamlining its business. It said last October it planned to sell MV Agusta.

Harley-Davidson's announement of its decision to sell MV Agusta came just more than a year after buying the company. It was part of a new corporate strategy to focus resources on the Harley-Davidson brand. Since then, Harley-Davidson had held discussions with various potential MV Agusta buyers.

Harley-Davidson paid about $109 million for the company in 2008.