Sonova, a Swiss firm finest recognized for its medical audio merchandise like listening to aids and cochlear implants, is buying the patron electronics division of German agency Sennheiser. Which means Sonova is taking up Sennheiser’s portfolio of shopper headphones, wi-fi earbuds, and soundbars, transferring into an increasing marketplace for private audio tools.
Sennheiser introduced it was searching for a purchaser for its shopper enterprise in mid-February “amid sturdy aggressive strain.” Though the corporate’s shopper merchandise hit document gross sales in 2019, the agency nonetheless misplaced cash with revenue margins “below strain” from world rivals. It lower 650 jobs and mentioned “all choices are open” to assist the division.
Now the corporate has discovered a purchaser in Sonova. In a joint assertion by Sennheiser’s co-CEOs, brothers Andreas and Daniel Sennheiser, the pair mentioned they “couldn’t have requested for [a] higher” associate. “A associate who not solely shares our ardour for audio and a dedication to the very best product high quality, but additionally very related company values,” they write. “This is a superb basis for a profitable future collectively.”
In an announcement of the deal from Sonova, the corporate mentioned it can proceed to promote merchandise below the Sennheiser model. “Combining our audiological experience with Sennheiser’s know-how in sound supply, their nice status in addition to their high-quality merchandise will permit us to develop our providing and to create vital touchpoints with customers earlier of their listening to journey,” mentioned Sonova CEO Arnd Kaldowski.
Sonova mentioned the acquisition value of the division quantities to €200 million ($241 million), and that Sennheiser’s enterprise generates revenues of €250 million yearly. The deal continues to be topic to regulatory approval, however Sonova says it expects to shut it in “the second half of calendar yr 2021.”