COPENHAGEN, July 15 Danish investment company
Novo A/S said it bought hearing technology firm Sonion from
Swedish private equity firm Altor, entering a market in which
Denmark has been a major player for decades.
Sonion manufactures advanced miniature components such as
high-end microphones and electromechanical components. Its
applications are mainly for hearing aids but also in-ear
earphones for musicians and electro-acoustic communication
components for extreme environments.
Together with U.S. listed Knowles, it controls a
major portion of the global market for advanced micro-acoustics.
Sonion has over 3,200 employees and earned revenues of $154
million in 2013.
Novo A/S did not disclose the purchase price. "Unlike
private equity companies, we are long-term investors," Chief
Executive Eivind Kolding told Reuters.
The investment firm is the controlling shareholder in
insulin maker Novo Nordisk and enzyme producer
Novozymes, and a major shareholder in food
ingredients maker Chr. Hansen Holding.
William Demant Holding and GN Store Nord
are among a group of Danish companies that supply half of the
world's hearing aids.
($1 = 5.4783 Danish crowns)
(Reporting by Ole Mikkelsen, editing by John Stonestreet)