Troubled British motorcycle manufacturer Norton Motorcycles has been making headlines for all the wrong reasons this year with the company falling into administration following accusations of financial mismanagement. Now the company has been confirmed to have been sold to Indian automotive giant TVS Motor Company.
TVS acquired Norton Motorcycles through one of its (thus far unnamed) subsidiaries for £16m ($33.2 million) after Norton was placed into administration in January following investigations into financial mismanagement.
Commenting on the acquisition, TVS’ joint managing director, Sudarshan Venu 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."
While the future of Norton is now secure, many will be wondering if the iconic British marque will follow the likes of Royal Enfield and become a nearly all Indian affair. For now, it appears TVS plans to retain Norton’s identity.
"Norton will continue to retain its distinctive identity with dedicated and specific business plans, Venu 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."