Sonova
Sonova Holding AG (until 31 July 2007 Phonak Holding AG) is a specialized hearing internationally active Swiss group of companies with headquarters in Staefa. It is one of the world's three largest suppliers in the industry.
History
Has its origins in the group of companies founded in 1947, AG for electroacoustics based in Zurich. 1965 acquired Ernst Rihs whose majority of shares and called the company to Phonak AG. As a consequence, his two sons, Hans -Ueli Rihs and Andy and Beda Diethelm came into the company. After the death of Ernst Rihs, his two sons took over his shares and Beda Diethelm was a shareholder with equal rights.
The Phonak Holding AG was founded in 1985 as a holding company of the Phonak Group. In 1994, the IPO on the SWX Swiss Exchange. On August 1, 2007, the name was changed to Sonova Holding AG, where they are confined only to the holding company. All of the subsidiaries, including the Phonak AG, as well as the products names are not affected by the name change.
Business
Sonova develops and distributes hearing solutions in two segments, hearing aids and cochlear implants. The Sonova Group is represented in over 90 countries and employs 8952 staff (as of March 2013). In fiscal year 2012/2013, the company generated sales of 1.795 billion Swiss francs.
The group consists of over 30 major companies. The research sites are located in Switzerland, Canada and the United States, the production sites in Switzerland, China, Vietnam and California. The products are distributed through its own wholesale network and independent distributors. In addition, the Group has retail stores in selected countries.
In November 2009, Sonova announced the acquisition, which specializes in developing and manufacturing cochlear implants, Advanced Bionics Corporation. The purchase was completed in January 2010.
Brands
Sonova occurs worldwide with the following core brands:
- Phonak
- Unitron (formerly Unitron Hearing )
- Advanced Bionics
- Connect Hearing Group ( together with Connect Hearing include the brands Audition Santé, Boots Hearing Care, Hansaton, Hearing Planet, Lapperre and Triton Hearing to the group )
Social commitment and sponsoring
Between 2000 and 2006, the Phonak Group for seven years, sponsor of the Phonak Cycling Team was. The involvement in cycling and the achievements were overshadowed by several doping scandals, in which top riders also repeated the Phonak Cycling Team were involved. On 28 July 2006 Phonak announced to halt its sponsorship commitment in cycling.
In the fall of 2006, the subsidiary Phonak AG launched the Hear the World initiative, which educate about the importance of hearing and the effects of hearing loss, making people around the world on the social and emotional impact of hearing loss attentive to inform about appropriate solutions. In October 2012, the Foundation has grown into an initiative of the entire group Sonova.
Serious errors in financial management in early 2011
On 16 March 2011 Sonova premarket published a profit warning. The company had to revise the outlook for the current fiscal year downward because of the previously announced recall of cochlear implant from Advanced Bionics, a delayed growth in sales of conventional hearing aids and negative currency effects. Then the stock price plummeted. On 30 March 2011, Sonova announced that it had before the profit warning failed timely to enact a ban on the trade exchange transactions with shares and options within the company. As a result of this omission, there were transactions that did not have at that time may take place. In addition, Sonova has published the profit warning too late. This is the result of an investigation of a law firm that has given the Board of Directors of Sonova in order. Because of these events and their consequences for the company occurred CEO Valentin chaperones, CFO Oliver Walker and Andy Rihs, Chairman of the Board, back. Rihs remained an ordinary member of the Board. As manager of management and Board of Directors before the profit warning had shares and options with a value of 47 million Swiss francs, including Rihs shares worth 37.5 million Swiss francs, selling, insider trading allegations have been made. This led to a major reputational damage to the company. The Zurich prosecutor's office initiated on suspicion of insider trading a criminal investigation against nine persons of management, including among others against Valentin chaperones, Oliver Walker and Andy Rihs. The regulatory body of the SIX Swiss Exchange initiated after completion of the preliminary investigation in May 2011, an investigation into possible violations of the rules on ad hoc publicity against Sonova, July 2012 Sonova was fined two million francs, as they too late about the poor sales figures had informed. In October 2012, the company agreed then out of court with several investors on a payment of 2.6 million francs. The prosecution presented with all suspects determined no violations of the legislation on insider dealing, all criminal cases were in the summer of 2012 and discontinued at the end of 2012.