This Indian bike company just bought a 122-year-old UK motorcycle brand
TVS Motor company has announced that it has acquired Norton Motorcycles Holdings Ltd and Norton Motorcycles UK in an all-cash deal of GBP16 million. The legal advice for the transaction was provided by Khaitan & Co, and Slaughter and May.
Norton Motorcycles was started by James Lansdowne Norton in Birmingham, back in 1898. It is one of the most iconic British bike brands of all time.
The company has an eclectic range of luxury motorcycles and is known for churning out a wide range of classics as well as contemporary big capacity superbikes.
Norton's bike line-up comprises products like V4 RR, Dominator, Commando 961 Cafe Racer MKII, Commando 961 Sport MKII and more.
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Throwing light on the acquisition , Sudarshan Venu, joint managing director, TVS Motor Company, "We have not taken on any past liabilities and responsibilities. We would take on almost all existing employees. Immediate focus will be on developed markets and 21 existing markets of Norton in US and America. We have a large number of orders which we will start delivering soon."
"We look forward to growing and nurturing the heritage of Norton. Norton has had management issues and economic issues. We will be able to overcome the issues that Norton has been facing for the past few years. Norton is 800 cc and above and we will serve a different customer segment with this motorcycle. Strong tie-up with BMW will continue. Acquisition of Norton is to serve a completely different segment," he added.
The acquirement of Norton Motorcycles will open new technology doors to the Hosur based automaker. Expect TVS to also introduce newer big displacement motorcycles in the future which will draw technological inspiration from the Norton bikes. This will help TVS to widen its product line-up and launch more premium products in the future.