Harley-Davidson will shut down its Buell high performance division and seek a buyer for Italy’s MV Agusta as part of a drive to bolster its core motorcycle brand.

The Milwaukee-based bike maker, which has been hit by a steep decline in sales during the recession, also said on Thursday that it would put a growing emphasis on markets outside the US. It aims to boost foreign sales from 31 per cent of the total this year to at least 40 per cent by 2014, appointing 100-150 new dealers outside the US.