Sonova, the world’s biggest hearing aid maker, based in Switzerland, announced it will buy the consumer unit of German headphone and microphone maker Sennheiser for 200 million euros ($241 million) to reach younger customers through the emerging segment of in-ear wearables.
Read more Boston Scientific Buys Wearable Cardiac Sensor Maker Preventice Solutions for $1.2B
Subject to regulatory approval, the plan is to complete the transfer of the business to Sonova by the end of 2021. Sennheiser had announced in February that it would focus on the Professional business in the future while seeking a partner for the Consumer Electronics business.
The Sennheiser brand has been a synonym for first-class sound and excellent product quality for over 75 years. 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 also take over the development and production areas of Sennheiser Consumer Electronics so that Sennheiser customers will continue to benefit from this in the future, reports Sennheiser.
"We couldn't have asked for a better partner than Sonova for our Consumer Electronics business," says Daniel Sennheiser, co-CEO at Sennheiser. "Sonova is a strong, well-positioned company. Not only do we share a passion for unique audio experiences, we also share very similar corporate values. This gives us an excellent foundation for a successful future together." Co-CEO Dr. Andreas Sennheiser adds: "The combination of our strengths provides a very good starting point for future growth. We are convinced that Sonova will strengthen the Sennheiser Consumer Business in the long term and capture the major growth opportunities." Both partners see great potential in particular in the market for speech-enhanced hearables and for true wireless and audiophile headphones.
Arnd Kaldowski, CEO of Sonova, says: “I am very pleased that Sennheiser has chosen Sonova to further develop the well-renowned Consumer Division. We look forward to welcoming our new colleagues and to building on the combined strengths of both organizations to successfully shape our joint future. The fast-growing market for personal audio devices is rapidly evolving. 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 touchpoints with consumers earlier in their hearing journey. Combining our market-leading technology with the strong brand and well-established distribution network of Sennheiser creates a strong foundation for future growth.”
Read more Hearing Aids Market to Grow Up to $14.45 Billion by 2026, According to Fortune Business Insights
Sonova, headquartered in Stäfa, Switzerland, is a leading provider of innovative hearing care solutions. The Group operates through its core business brands Phonak, Unitron, Hansaton, Advanced Bionics, and the brands of the Audiological Care business, e.g. AudioNova, Geers, Boots Hearing Care, Connect Hearing, and Lapperre. Sonova offers its customers one of the most comprehensive product portfolios in the industry – from hearing instruments to cochlear implants to wireless communication solutions.
