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Business |
Bang&Olufsen closes divesture of Czech subsidiary
Bang&Olufsen a/s has divested its entire share capital in Bang & Olufsen’s Czech assembly subsidiary, Bang&Olufsen s.r.o. to Tymphany Acoustic Technology HK Ltd.
The transaction has now been completed and all of Bang&Olufsen's 322 Czech employees have been transferred to Tymphany as of May 31, 2017.
Bang&Olufsen expects to receive DKK 123 million (EUR 15 million) in cash payments for the deal. As part of the strategic partnership, Tymphany will produce Bang&Olufsen products in the Czech factory.
