The long awaited selloff is finally happening, and it’s an all-Swiss affair.
Last week German audio company Sennheiser announced that it has found a buyer for its consumer brand. Swiss holding company Sonova will be acquiring the brand in a deal expected to close by end of year. Sonova is a market powerhouse in the hearing aid sector.
The global provider of medical hearing solutions will fully take over Sennheiser’s Consumer Electronics business. Subject to regulatory approval, the plan is to complete the transfer of the business to Sonova by the end of 2021. Sennheiser had announced in February that it would focus on the Professional business in the future while seeking a partner for the Consumer Electronics business.
Sonova to expand its auditory product focus
With the takeover of the Sennheiser Consumer business, Sonova is adding headphones and soundbars to its hearing care portfolio. This includes hearing aids and cochlear implants, among other hearing solutions. Sonova will leverage the complementary competencies of both companies to strengthen and further expand its business areas in the future.
Thge two companies plan a permanent cooperation the joint Sennheiser brand umbrella in order to continue offering Sennheiser customers first-class audio solutions in the future. They have also closed a license agreement for future use of the Sennheiser brand.
“We couldn’t have asked for a better partner than Sonova for our Consumer Electronics business,” says Daniel Sennheiser, co-CEO at Sennheiser. “Sonova is a strong, well-positioned company. Not only do we share a passion for unique audio experiences, we also share very similar corporate values. This gives us an excellent foundation for a successful future together.”
As part of the partnership, the companies plan a complete transfer of operations of the Consumer Electronics business to Sonova. The Sennheiser union councils will no doubt have something to say about the move. But the companies promise that the employees who will transfer to Sonova will have some “very good opportunities for the future.” Currently, a total of around 600 Sennheiser employees works for the Sennheiser consumer business.
Arnd Kaldowski, CEO of Sonova, says: “I am very pleased that Sennheiser has chosen Sonova to further develop the well-renowned Consumer Division. We look forward to welcoming our new colleagues and to building on the combined strengths of both organizations to successfully shape our joint future. “