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Sennheiser sells off its consumer brand
Long-running German audio company Sennheiser today announced that it has found a buyer for its consumer brand. Swiss holding company Sonova — a giant in the hearing aid business — will be acquiring the brand in a deal expected to close by end of year.
The deal will bring headphones and sound bars to Sonovas existing portfolio, which is largely centered around healthcare products. Among other things, however, the deal could have interesting implications for the so-called hearables category, which can walk the line between headphones and healthcare products. Sennheiser, meanwhile, will shift the entirety of its focus to its pro products.
The company has been fairly open about its intentions. In February, it publicly announced that it was seeking a buyer for the division. To be best able to exploit the potential in each of these markets, we are concentrating our own resources on the three business areas in the Professional division and are looking for a strong partner to invest in our Consumer business,” Co-CEO Daniel Sennheiser noted at the time.
Sennheiser describes the deal as a permanent cooperation between the two, including licensing the companys name. The existing consumer wing, including many of its employees, will transfer to Sonovo. A press release announcing the news says there are currently 600 people employed by the brand, but no word on how many are expected the make that move.
The combination of our strengths provides a very good starting point for future growth, the companys other co-CEO says in the release. We are convinced that Sonova will strengthen the Sennheiser Consumer Business in the long term and capture the major growth opportunities.”