- Sennheiser’s consumer electronic division has been bought by Sonova for €200 million.
- Sennheiser had announced back in February that it was looking for a buyer for its consumer business.
- The company’s consumer business turnover was around €756.7 million in 2019.
A few months ago, Sennheiser made the surprising news that it was looking to let go of its consumer division by looking for a buyer. Now Sennheiser has announced that Switzerland-based Sonova Holding AG has acquired its consumer audio division.
Sonova, which is best known for producing medical-grade hearing aids, has agreed to pay Sennheiser 200 million (Rs. 1780 cr.) for the business. According to Sennheiser, its consumer audio business turnover for 2019 was 756.7 million (Rs. 6750 cr.)
Sonova is known for hearing aids and cochlear implants, thus this will be a huge boost to the company's lineup and a completely new direction for it to take within the consumer market moving forward.
Sennheiser believes that its rich history and experience in audio equipment will perfectly complement Sonova's technological and research expertise. Both companies see "great potential" in the partnership, especially when it comes to "the market for speech-enhanced hearables and for true wireless and audiophile headphones."
Daniel Sennheiser, co-CEO at Sennheiser stated, "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 transfer to Sonova once the acquisition is complete. Sennheiser believes that for the employees, this move "opens up very good opportunities for the future." This is mainly due to Sonova's international reputation in the hearing aid market.
With Sonova taking over the Consumer Electronics business, Sennheiser intends to focus exclusively on producing professional products under its Pro Audio, Business Communications, and Neumann divisions.
According to Daniel and Andreas Sennheiser, the company sold its consumer business because it entered the wireless earbud and headphone market too late to be competitive.