Sennheiser sold its consumer business to hearing aid manufacturer Sonova (and maybe that's the right decision)

Sennheiser has announced the sale of its consumer business.

Terms of the deal

The buyer was the Swiss company Sonova, which specializes in the production of hearing aids. Now it will be possible to produce headphones and speakers under the Sennheiser brand. In turn, Sennheiser keeps professional equipment, including headphones, as well as the microphone manufacturer Neumann.

What will happen to the employees, and there are about 600 of them in the staff, is still unknown. According to the statement, at least some of them will be offered 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 by the second half of 2021.

Why?

Sennheiser announced the search 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 headphones market. In addition, the manufacturer entered this market rather late. As a result - no income, staff cuts and as a result the sale of the business. Instead, the company will focus on professional solutions.

Source: Sennheiser, Sonova