Sennheiser has sold its consumer business to hearing aid manufacturer Sonova, and perhaps this is the right decision. Sennheiser has announced the sale of its consumer business.
Terms of the transaction
The buyer was the Swiss company Sonova, which specializes in the production of hearing aids. Now it will be able to produce headphones and speakers under the Sennheiser brand. In turn, Sennheiser remains professional equipment, including headphones, as well as the manufacturer of microphones Neumann.
What will happen to the employees, and there are about 600 of them in the state, is still unknown. Judging by the statement, at least some of them will offer a transition to Sonova.
The deal was worth €200 million, but the sale has yet to be approved by antitrust regulators. It is expected that all issues will be resolved before the second half of 2021.
Sennheiser announced it was looking for a buyer for part of its business back in February. According to the Sennheiser brothers, the reason was the great competition in the TWS headphone market.
In addition, the manufacturer entered this market quite late. As a result-no income, reduction of employees, and as a result, the sale of the business. Instead, the company will focus on professional solutions.