TVS Motor Company today confirmed their ongoing talks with Norton motorcycles regarding Norton's acquisition.
Notorn Motorcycles is a 122 years old British motorcycles brand that was relaunched in 2008 and currently known for its Classic and an electric range of luxury motorcycles. They also make 200+ bhp bikes like V4 RR.
Commenting on the acquisition, Mr. Sudarshan Venu, Joint Managing Director, TVS Motor Company said:-
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.
TVS is expecting that brand Norton can now use TVS Group's Global reach and supply chain capabilities and make its way to a new market.
This acquisition has been done by TVS Group's overseas subsidiaries and TVS mentioned that Norton will continue as it is with their business structure and TVS will now start to work closely with Norton's customers and employees.
This deal was done in all cash and the TVS group paid GBP 16 Million for it. Norton was in court earlier in January for their unpaid dues to HM revenues and customs. This deal might ease the financial things for the group.
Norton motorcycles are currently being made in England's Castle Donington and said to have around 100 employees.