German audio brand Sennheiser is looking for a buyer for its consumer audio business that sells headphones and soundbars.
A partnership for the Consumer business will enable Sennheiser to place its focus and resources on strengthening its Pro Audio, Business Communications and Neumann business units.
The company sees great potential for growth in four business units including Pro Audio, Business Communications, Neumann and Consumer Electronics.
“To be best able to exploit the potential in each of these markets, we are concentrating our resources on the three business areas in the Professional division and are looking for a strong partner to invest in our Consumer business,” Andreas Sennheiser, co-CEO of Sennheiser, said.
India is among Sennheiser’s top 10 markets globally and the second largest market in the Asia Pacific (APAC) region after China.
Sennheiser had record sales in 2019 at 393 million euros before the slump in the market.
Recently, the company cut 650 jobs worldwide.
The headphone market and the soundbar business in Consumer Electronics offer great growth potential – despite a highly dynamic market and strong competitive pressure, the company said, adding that this is especially the case for the true wireless headphone market.