Demant completes acquisition of Sheng Wang in China
Demant has completed the acquisition of the Chinese hearing care retail chain Sheng Wang following Demant’s acquisition of 20% of Sheng Wang in March 2022. The acquisition of Sheng Wang represents a significant strategic step in Demant’s continuous journey within Hearing Care.
Established in 1998, Sheng Wang is a leading network of hearing aid clinics in China with more than 500 shops across the country and a market share around 5% in 2021. They have a successful and strong tradition within personalised high-quality hearing care and is characterized by dedicated employees, an expanding business, and a strong leadership team. 1,300 employees work for ShengWang, and they do their utmost every day to improve the lives for people living with hearing loss.
With the acquisition of Sheng Wang completed, Demant’s ambition is to further increase its market share and retail presence in China.
“I am very happy to announce that we have finalised the acquisition of Sheng Wang and can welcome more than 1,300 Sheng Wang employees to the Demant Group. With this acquisition, China becomes one of our largest markets for Hearing Care”, says Søren Nielsen, President & CEO of Demant, and adds: “Demant will continue investing in future growth both organically and by acquisitions over the next years, and China is of high importance to us”.
Niels Wagner, President of Demant’s Hearing Care business continues: “With the complete acquisition in place, we can now fully focus on our expansion journey ahead. Sheng Wang has with their strong team driven a solid growth and has a deep and important understanding of the customer in the Chinese market. We look forward to continuing this important journey together”.
Mr. Fu Jiantong, General Manager of Sheng Wang, carries on: “I am happy that we have concluded the transaction of ownership of ShengWang to Demant. Demant is a very strong company that can secure our further success and growth in China. Demant is built on a strong and long tradition within hearing care, and the majority owner is the solid William Demant Foundation, which will ensure a long-term focus and good care of our customers and employees”.