A lot of trouble and issues have been looming surrounding one of the oldest motorcycle brands hailing from the UK, Norton. After falling into administration and having struggled with major financial issues, India’s TVS Motor Company has come to save the day the by acquiring them as one of their own. The price? Around RM87 million.
TVS Motor Company has released their official press statement regarding their newly acquired acquisition, which goes as follows:
TVS Motor Company Completes Acquisition Of Norton
TVS Motor Company, a reputed manufacturer of two-wheelers and three-wheelers in the world, today announced the successful acquisition of Britain’s most iconic sporting motorcycle, “Norton”, in an all-cash deal for a consideration of GBP16 million by acquiring certain assets of Norton Motorcycles (U.K.) Limited (in administration) through one of TVS Motor’s overseas subsidiaries. This will be one of the most interesting acquisitions of a storied motorcycle maker in recent times and will reflect TVS Motor Company’s and India’s rapidly rising prominence in the international two-wheeler market.
That’s just the start. According to Mr. Sudarshan Venu, Joint Managing Director, TVS Motor Company, “This is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the world and presents us with an immense opportunity to scale globally. This transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers. We will extend our full support for Norton to regain its full glory in the international motorcycle landscape.”
“Norton will continue to retain its distinctive identity with dedicated and specific business plans. TVS Motor will work closely with customers and employees in building the success and pre-eminence of the Norton Motorcycles brand and we look forward to growing together globally in the years to come,” added Mr Venu.