TVS Motor snaps up British brand Norton Motorcycles [Reuters]
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Source: Reuters
TVS Motor snaps up British brand Norton Motorcycles LONDON (Reuters) - India’s third-largest motorbike manufacturer TVS Motor has sealed a $20 million deal to buy British brand Norton Motorcycles as part of a distressed sale. The all-cash transaction, which was announced on Friday, will see the Indian firm take control of the 122-year-old Leicestershire brand for 16 million pounds ($19.98 million) through one of its overseas subsidiaries. It marks the latest swoop by an Asian company on an iconic British brand, after Jaguar Land Rover became part of Tata Motors. “Norton presents us with an immense opportunity to scale globally,” said TVS’s joint managing director Sudarshan Venu, adding his firm would provide “full support for Norton to regain its full glory”. Reuters was first to report that an agreement had been reached, with TVS pledging to revive the British brand which is controlled by Chief Executive Stuart Garner. TVS will invest in some of Norton’s most famous models, including
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