Sennheiser sells its consumer audio technology business

Negotiations with potential candidates will begin in the near future, announced Sennheiser. The company is willing to proceed with both the complete sale of the division and the entry of a strategic investor. “With a new partner, we would like to make the most of market opportunities. We would increase the visibility of the Sennheiser brand to customers and invest more than we could have before, “said the company’s co-owners, brothers Andreas and Daniel Sennheiser, in an interview with the German daily. Handelsblatt.

According to Daniel Sennheiser, competitive pressure has increased significantly recently and profit margins are declining. The company plans to lay off 650 people worldwide by 2022, of which 300 are in Germany. It currently has around 2,800 employees.

In 2019, Sennheiser achieved a turnover of 393 million euros in its consumer division, a total of 756.7 million euros. About half of this was in the EMEA region (Europe, Middle East, Africa). Profit before tax and depreciation amounted to EUR 18.5 million.

The family company is run by Daniel and Andreas Sennheiser, the grandchildren of founder Fritz Sennheiser. He founded it in 1945. The company faces competition especially in the segment of wireless headphones, which it jumped into relatively late. He fights for customers with other audio manufacturers as well as companies such as Apple and Samsung.

The new fund wants to invest in technology.  Goal: raise over a billion in purchases

Source: E15.cz by www.e15.cz.

*The article has been translated based on the content of E15.cz by www.e15.cz. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!