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.

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