British motorcycle manufacturer Norton Motorcycles UK Limited, has been bought by Indian motorcycle giant, TVS Motor Company, for an all-cash amount of GBP 16-million or approximately just a little over PHP 1 billion.
For those unfamiliar, Norton Motorcycles is a longtime British motorcycle company founded in 1898 (during the time of the Philippine Revolution against Spain). By 1902, it began manufacturing motorcycles from sourced-parts, making it one of the oldest motorcycle manufacturers in the world.
Meanwhile, TVS Motor Company is a motorcycle company that is headquartered in Chennai, India. It was founded by TV Sundaram Iyengar as a bus company in 1911. Today, TVS is India's third-largest motorcycle manufacturer and is part of the TVS Group that also has business interests in aviation, electronics, finance, housing, logistics, and textiles. TVS gained international validation when BMW Motorrad partnered with them which resulted in the BMW G 310R and Apache RR 310 for the Indian brand, both models are assembled at the TVS factory in Tamil Nadu, India.
Under the agreement, Norton Motorcycles UK Limited will now be a subsidiary of TVS Motor Company and has acquired the business and certain assets of Norton Motorcycles, as well as a license to occupy the existing manufacturing premises for the next six months. It also includes the transfer of Norton employees to TVS.
“In challenging circumstances, we have been able to secure the future of the Norton brand. We are delighted that the sale to TVS Motor Company will protect jobs and provide a highly beneficial outcome to creditors,” says Lee Causer, a joint administrator for Norton Motorcycles.
Sudarshan Venu, Joint Managing Director for TVS Motor Company, has also expressed his excitement with the acquisition, and has assured that the giant Indian motorcycle manufacturer will support Norton "to regain its full glory in the international motorcycle landscape".