The leading Swiss manufacturer, Sonova, renowned for its cochlear implants and hearing aids, is purchasing the consumer electronics division of the much-respected German corporation Sennheiser.
In mid-February, Sennheiser announced it was looking for a buyer for its consumer electronics division "amid strong competitive pressure".
Although Sennheiser's consumer products hit record sales growth in 2019, the firm still lost money with profit margins "under pressure" from global rivals. The company announced it was looking for a buyer for its consumer business in the middle of February 2021 "amid strong competitive pressure." It slashed upwards of 650 jobs and said "all options are open" to support the department.
As part of the new deal, Sonova will now be attaining Sennheiser's portfolio of soundbars, wireless earbuds, and consumer headphones. This marks a new move into an ever-growing marketplace for personal audio equipment.
In a statement from Sonova, the Swiss company said it will continue to sell products under the Sennheiser brand. "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 touch points with consumers earlier in their hearing journey," said Sonova CEO Arnd Kaldowski.
Sennheiser's co-CEOs, brothers Andreas and Daniel Sennheiser put out a joint statement saying that they "couldn't have asked for [a] better" partner. "A partner who not only shares our passion for audio and a commitment to the highest product quality, but also very similar corporate values," they write. "This is an excellent foundation for a successful future together."
In a joint statement, both companies said:
Consumer Electronics products from Sennheiser stand for the best sound and a unique audio experience. With the takeover of the Sennheiser Consumer business, Sonova is adding headphones and soundbars to its hearing care portfolio, which includes hearing aids and cochlear implants, among other hearing solutions. Sonova will leverage the complementary competencies of both companies to strengthen and further expand its business areas in the future. Sennheiser's many years of expertise as one of the world's leading companies in the audio industry and the resulting reputation and appeal of the brand are an excellent complement to Sonova's extensive technological and audiological expertise in the field of medical hearing solutions. A permanent cooperation is planned under the joint Sennheiser brand umbrella in order to continue offering Sennheiser customers first-class audio solutions in the future.