Sonova, a Swiss company knows as a medical audio and hearing aid products manufacturer, acquired Sennheiser.
A few months ago, Sennheiser made surprising news that it wanted to let its consumer division go in search of a buyer. Now Sennheiser has announced that Switzerland-based Sonova Holding AG has acquired its consumer audio division.
Sonova, best known for manufacturing medical-grade hearing aids, has agreed to pay Sennheiser USD 200 million for the business. According to Sennheiser, its consumer audio business for 2019 was USD 756.7 million.
Sonova is known for hearing aids and cochlear implants, thus it will be a huge addition to the company’s lineup and give it a completely new direction for the consumer market to move forward.
Sennheiser believes that its rich history and experience in audio equipment will fully complement Sonova’s technical and research expertise. The two companies see “great possibilities” in the partnership, especially when it comes to the “market for speech-enhanced speeds and the market for true wireless and audiophile headphones.”
Daniel Sennheiser, co-CEO of Sennheiser, said, “We couldn’t have asked for a better partner than Sonova for our Consumer Electronics business. Sonova is a strong, well-positioned company. Not only do we share a passion for unique audio experiences, but we also share very similar corporate values. This gives us an excellent foundation for a successful future together”.
Sennheiser Consumer Electronics employs 600 people, some of whom will relocate to Sonova upon completion of the acquisition. Sennheiser believes that for employees, the move “opens up great opportunities for the future.” This is mainly due to Sonova’s international reputation in the hearing aid market.
With Sonova handling the consumer electronics business, Sennheiser intends to focus exclusively on the production of professional products under its Pro Audio, Business Communications, and Newman divisions.
According to Daniel and Andreas Sennheiser, the company sold its consumer business as it entered the wireless earbuds and headphones market to be competitive.
Source: BusinessToday
