The Swiss company Sonova, which is known for the design and manufacture of hearing aids and prostheses, acquires Sennheiser’s consumer electronics division. This means Sonova enters the audio market and takes over the German brand’s consumer portfolio of headphones and soundbars.
Sennheiser announced that it is looking for a buyer for its consumer business in mid-February this year. The reason for this decision was strong competitive pressure, which the company could not cope with. Although Sennheiser’s consumer product sales hit record highs in 2019, the company was losing money on profit margins against the competition. Attempts to help its division in every possible way were unsuccessful, the company cut 650 jobs and announced a search for a buyer.
In a statement, Sennheiser management noted that they could not have imagined a better partner, as Sonova shares “not only a passion for audio and superior product quality, but very similar corporate values.”
The deal is worth 200 million euros, it still requires regulatory approval and may be closed in the second half of this year. Sonova will continue to sell products under the Sennheiser brand. Sennheiser itself has three business divisions left: Pro Audio, Business Communications and Neumann microphones.