- TVS acquires Norton Motorcycles
- British brand went into administration
- ex-CEO has legal issues
A few days ago, we told you about TVS’ intention of acquiring Norton Motorcycles. And that has finally happened. The Hosur-based manufacturer has acquired the British company for Rs 153 crore.
The company said that it has acquired certain assets of the company which has been under administration since the last few months. TVS went on to say that it is excited about the existing and upcoming products of the brand like Commando, Dominator and the V4 RR. The company plans to use its global reach and supply capabilities to take Norton brand to new markets.
Norton went into administration due to cash crunch and also due to various legal cases against the company’s CEO Stuart Garner. Stuart is under investigation for a number of frauds, with some of them related to swallowing retirement and pension savings.
It’s quite interesting to see how TVS will develop this brand and expand its global reach. While most of Norton’s products are quite expensive and sit on the top-end of the market, the company did develop a 650cc parallel-twin platform that saw bikes like the Atlas Nomad and Ranger. We can expect TVS to localise the production of these two bikes and sell it in India as well as export it to other markets.