Bang & Olufsen operations in the Czech Republic started in 2004, situated close to Ostrava, the 3rd largest city in CZ, and consists today of a workforce of around 400 employees, the largest manufacturing site of B&O.
As part of the transaction, "Tymphany will produce Bang & Olufsen products in the Czech factory as a selected supplier to Bang & Olufsen, and the entering into a long term purchase agreement as part of the transaction will ensure stability in the future supply of high quality products to Bang & Olufsen," says Bang & Olufsen,
All current B&O production within the Czech facility will transfer to Tymphany as part of the agreement. The team acquired from B&O in this transaction is highly experienced in mechanical engineering, production test, acoustics, and new product introduction. Tymphany plans additional investments to create a European center of excellence for the engineering and manufacture of premium consumer and professional audio systems.
Tymphany’s goal with the announcement is to provide an unmatched level of localized service combined with Tymphany’s global scale. “We are extremely excited to bring the highly-experienced Bang & Olufsen Czech Republic team into Tymphany. This will strengthen our global engineering and manufacturing capabilities, and will further enable us to offer world-class service to both European customers and our customers that operate through a global footprint”, says Phil McPhee, Tymphany European Business Unit Head.
The closing of the Transaction remains subject to certain closing conditions, including the approval from the landlord of the Czech factory to the assignment of the lease from Bang & Olufsen to Tymphany, the approval from the Czech competition authorities and the non-occurrence of a material adverse change to the financial position of Bang & Olufsen s.r.o. prior to closing. Closing is expected to be completed within the next months.
Tymphany designs and manufactures some of the most innovative consumer and professional audio systems on the market. The company also sells a full line of speaker drivers under the Peerless by Tymphany brand. The company’s roots go back to 1926 when Peerless was founded in Denmark. In the proceeding 90+ years, Tymphany has grown to be a premier audio ODM with over 4,200 employees.
www.tymphany.com
