Iconic company Sennheiser sold its consumer electronics division. The buyer was Sonova, a Swiss company specializing in medical hearing aids.
For consumers, this means that Sennheiser headphones will no longer be related to Sennheiser itself, although clearly few know about this. According to the press release, subject to approval from the supervisory authorities, it is planned to complete the transition of the structural unit to Sonova by the end of 2021.
The reason for the sale of the consumer electronics division is that it is unprofitable. Even in 2019, a record year for Sennheiser, the company continued to lose money in this direction due to the growing pressure from competitors.
In turn, Sonova will continue to sell products (headphones and speakers) under the Sennheiser brand. The deal amounted to EUR 200 million.
As for Sennheiser itself, the company will concentrate its forces and resources in the Professional Audio, Business Communications and Neumann business units. The company plans to further grow these three divisions using its own resources at an above average pace, as well as to strengthen its already strong position in the global market. In addition, Sennheiser will gradually expand its business areas.
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