By Wade Thiel
The Indian Company Takes Over the British Brand
In a £16million (roughly $20 million) cash deal, Norton Motorcycles became a TVS Motors brand. According to Motorcycle News, the Indian giant’s offer was selected by BDO—the company overseeing the administration of Norton. Both BDO and Indian confirmed the deal.
Actually a subsidiary of TVS Motors owns Norton. The subsidiary of TVS will need “to work closely with customers in building the success and pre-eminence of Norton” and the employees of Norton will transfer over to TVS. Norton will continue to operate out of its current manufacturing facility for the next six months. After that TVS will need to figure out where to take the manufacturing.
“In challenging circumstances, we have been able to secure the future of the Norton brand,” said Joint Administrator Lee Causer. “We are delighted that the sale to TVS Motor Company will protect jobs and provide a highly beneficial outcome to creditors.”
Mr Sudarshan Venu, Joint Managing Director, TVS Motor Company said that this is momentous event for his company and sounded excited about the prospect of Norton Motorcycles and the future of the company. “Norton will continue to retain its distinctive identity with dedicated and specific business plans,” he said. “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.”
The company’s immediate plans are to continue with the brand’s current lineup, including the upcoming Atlas series of motorcycles. That’s good news. Norton wasn’t making bad motorcycles, it was just horribly mismanaged as a company. Hopefully, TVS will be able to take the brand and make it into the motorcycle company it should be.