Sonova Holding AG, a global provider of medical hearing solutions, is set to take over Sennheiser's consumer electronics business. Subject to regulatory approval, the plan is to complete the transfer of the business to Sonova by the end of 2021. Sennheiser had announced in February that it would focus on its professional business in the future while seeking a partner for the consumer electronics business.
With the takeover of the Sennheiser consumer business, Sonova is adding headphones and soundbars to its hearing care portfolio, which includes hearing aids, cochlear implants, and more. Sonova says it will leverage the complementary competencies of both companies to strengthen and further expand its business areas in the future. A permanent cooperation is planned under the joint Sennheiser brand umbrella in order to continue offering Sennheiser customers audio solutions in the future, and a license agreement for future use of the Sennheiser brand has been made.
"We couldn't have asked for a better partner than Sonova for our consumer electronics business," said Daniel Sennheiser, co-CEO at Sennheiser. "Sonova is a strong, well-positioned company. Not only do we share a passion for unique audio experiences, we also share very similar corporate values. This gives us an excellent foundation for a successful future together."
"The combination of our strengths provides an very good starting point for future growth. We are convinced that Sonova will strengthen the Sennheiser consumer business in the long term and capture the major growth opportunities," added Co-CEO Dr. Andreas Sennheiser.
As part of the partnership, a complete transfer of operations of the consumer electronics business to Sonova is planned. This will be aligned with the Sennheiser works councils. Currently, a total of around 600 Sennheiser employees works for the Sennheiser consumer business.
“I am very pleased that Sennheiser has chosen Sonova to further develop the well-renowned consumer division," concluded Arnd Kaldowski, CEO of Sonova. "We look forward to welcoming our new colleagues and to building on the combined strengths of both organizations to successfully shape our joint future. The fast-growing market for personal audio devices is rapidly evolving. Combining our audiological expertise with Sennheiser’s know-how in sound delivery, their great reputation as well as their high-quality products will allow us to expand our offering and to create important touchpoints with consumers earlier in their hearing journey. Combining our market-leading technology with the strong brand and well-established distribution network of Sennheiser creates a strong foundation for future growth.”
Click here to read a message about the acquisition from Daniel and Andreas Sennheiser.