Sennheiser, the premium headphone and audio brand, has found a buyer for its consumer business. Sonova Holding AG is based in Switzerland and is a global provider of medical hearing solutions and will take over all consumer electronics activities from Sennheiser. The sale is subject to regulatory approval and involves the complete transfer of the business by the end of 2021.
Sennheiser announced last February that it wanted to focus on its professional audio business. With the resumption of the company’s consumer business, Sonova is adding headphones and soundbars to its hearing care portfolio, which includes hearing aids, cochlear implants and other hearing solutions. Sonova intends to take advantage of the complementarity of the two companies to strengthen and develop its activities.
Sennheiser has decades of expertise as one of the world’s leading companies in the audio industry. Sonova believes that its reputation and brand appeal will complement Sonova’s extensive technological and audiological expertise in the field of medical hearing solutions. Continuous cooperation is planned under the umbrella of the Sennheiser common brand to continue to offer Sennheiser customers first-class audio solutions in the future. A license agreement has been signed for future use of the Sennheiser brand.
“We couldn’t have asked for a better partner than Sonova for our consumer electronics business,” said Daniel Sennheiser, co-CEO of Sennheiser. “Sonova is a strong and 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 basis for a prosperous future together.
Co-CEO Dr Andreas Sennheiser added: “The combination of our strengths is a very good starting point for future growth. We are confident that Sonova will strengthen Sennheiser’s consumer business in the long term and capture the main growth opportunities. ”
Both partners see great potential in the market for voice-enhanced headphones as well as true wireless headphones and audiophiles. As part of this partnership, a complete transfer of the consumer electronics business from Sennheiser to Sonova is planned. This approach will be aligned with Sennheiser works councils. For employees transferring to Sonova, the move to an international and well-positioned company, headquartered in Switzerland, opens up prospects for the future. Currently, a total of 600 Sennheiser employees work for Sennheiser’s consumer business.
Arnd Kaldowski, CEO of Sonova, said: “I am very happy that Sennheiser has chosen Sonova to further develop the famous Consumer division. We look forward to welcoming our new colleagues and leveraging the combined strengths of both organizations to successfully shape our common future. The rapidly growing market for personal audio devices is changing rapidly. The combination of our audiological expertise with Sennheiser’s sound reproduction know-how, their great reputation as well as their high quality products will allow us to expand our offering and create important points of contact with consumers earlier in the day. their auditory journey. The combination of our cutting-edge technology with Sennheiser’s strong brand and well-established distribution network creates a solid foundation for future growth. “
The Sennheiser brand has been synonymous with first-class sound and excellent product quality for over 75 years. Sonova will take over the development and production areas of Sennheiser Consumer Electronics. With the consumer business no longer in its books, Sennheiser can now leverage its strengths and resources in the areas of Pro Audio, Business Communications and Neumann. In these three business units, Sennhesier says he intends to continue to grow at an above-average rate under his power and expand his position in the global market.
This is a surprisingly quick deal given that Sennheiser has only announced plans to exit the consumer side of the business. There is no doubt that Sonova has the financial strength to leverage the reputation of the Sennheiser brand in the consumer space, but selling through consumer channels is a big step forward for a company that primarily focuses on medical markets. Developing consumer products and then having the marketing know-how to sell in an extremely competitive market could be a difficult task for Sonova. There’s no question that Sennheiser is a premium brand in the consumer audio space, but Sonova is going to have a pretty steep learning curve ahead of it. Fortunately, with the transfer of all Sennheisers employees from the consumer division, Sonova will be off to a good start.
More information: www.sonova.com and www.sennheiser.com