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HomeNEWSINTERNATIONALNORTON ACQUIRED BY INDIAN MOTORCYCLE GIANT

NORTON ACQUIRED BY INDIAN MOTORCYCLE GIANT

An Indian motorcycle-making giant has bought historic brand Norton, which has been trading for more than 120 years, out of administration.

TVS Motor Company Ltd has completed the deal for the Derbyshire-headquartered manufacturer which entered administration at the end of January.  When it entered administration, Norton UK had 64 employees.

BDO said, in a report published earlier this month, that should a sale of the company’s business and assets be achieved, all remaining employees are “likely” to transfer to the purchaser. TVS Motor Company did not address the topic of employment in a recently issued statement

Sudarshan Venu, joint managing director, TVS MotorCompany, said: “This is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the world. “With its exciting range of products, Norton presents us with an immense opportunity to cater to the aspirations of discerning motorcycle customers around the world”.

“We will extend our full support for Norton to regain its rightful glory.” “Norton will continue to retain its distinctive identity with dedicated and specific business plans.”

“TVS Motor Company 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.”

UK minister for investment Gerry Grimstone added: “A huge congratulations to TVS Motor on this acquisition. As we fight coronavirus around the world, it is great to see business resilience, the preservation of jobs, and continued support for our highly skilled British engineers. It’s fantastic news that this British motorcycle company can carry on producing their world-class motorcycles with its headquarters in the UK. DIT is here to support and stand by businesses during this time, and we look forward to seeing the firm grow from strength to strength.”

The acquisition was undertaken under the guidance of UK India Business Council, and Rothschild & Co together with its subsidiary Arrowpoint Advisory acted as the financial advisor to TVS Motor.

 

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