Bang & Olufsen sells audio systems subsidiary – The Post

Bang & Olufsen sells audio systems subsidiary

Negotiations with potential new investor from Hong Kong are still ongoing

B&O has increased its revenue projections for the fiscal year 2015-2016 (photo: Jimmy Baikovicius)
April 7th, 2016 5:49 pm| by Lucie Rychla

The Danish consumer electronics company Bang & Olufsen has sold ICEpower, its subsidiary that develops and manufactures amplifiers for high-performing audio systems.

According to B&O’s financial report for the third quarter of the 2015/2016 fiscal year, the company has sold shares in ICEpower worth 32 million kroner in what was a management buyout.

It has been agreed that ICEpower will continue supplying sound systems both to consumers and professionals, including B&O.

Potential Chinese suitor
The quarterly report has also revealed that B&O continues a dialogue with potential Chinese suitor Sparkle Roll, and that the company has raised its 2015/2016 revenue guidance from 8-12 percent to 12-15 percent because its B&O Play brand performed better than expected.

Bang and Olufsen reported Q3 revenue of 703 million kroner, which is an 8 percent increase compared to the same period the year before.