Sonova acquires Consumer Electronics
Audio specialist Sennheiser, known for its headphones, is divesting its consumer division.
This division, called “Consumer Electronics” by the long-established company, is being taken over in its entirety by the Swiss hearing aid supplier Sonova. Der Spiegel and Handelsblatt report a purchase price of 200 million euros.
Sennheiser had already announced in February that it would focus on the Professional segment in the future and look for a partner for the Consumer Electronics segment.
Joint brand umbrella
As Sennheiser’s press release states, the Sennheiser brand will remain. Thus, regarding the partnership with Sonova, Sennheiser writes: “Both companies will work together under the Sennheiser brand umbrella in the future.”
A complete transfer of operations of the consumer electronics business to Sonova is planned. This will be coordinated with Sennheiser’s works councils, he added. Currently, Sennheiser’s consumer division employs around 600 people. Sonova will take over both the development and production areas of Sennheiser Consumer Electronics.
The transaction is still subject to regulatory approval. The deal is expected to be completed by the end of the year.
Commenting on the future, Arnd Kaldowski, CEO of Sonova, said, “The fast-growing market for personal audio devices is evolving rapidly. We will combine our audiological expertise with Sennheiser’s know-how in sound, the brand’s good reputation and its high-quality products.”