Germany-based audio products manufacturer Sennheiser announced that it has sold its headphone division to Sonova, a Swedish hearing aid manufacturer. The price of the sale is 200 million Euros.
The Swiss company Sonova, known for the design and manufacture of hearing aids and prostheses, acquired the consumer electronics division of Sennheiser. This means Sonova has entered the audio market and has taken over the German brand’s headphone consumer portfolio.
Sennheiser announced that it was looking for a buyer for consumer business in mid-February this year. The reason for this decision is the strong competitive pressure that the company cannot handle. Although Sennheiser’s consumer product sales reached record levels in 2019, the company was losing money on profit margins against the competition. Attempts to help his division in every possible way failed, the company fired 650 jobs and announced the search for a buyer.
We couldn’t imagine a better partner
Sennheiser management said in a statement that Sonova could not imagine a better partner because it shares “not only a passion for sound and superior product quality, but also very similar corporate values”.
The deal is worth 200m euros, still requires regulatory approval and will be completed in the second half of this year. Later, Sonova will start selling products under the Sennheiser brand.