Sonova reaches agreement with the German Federal Cartel Office regarding allegations against Phonak GmbH Germany

October 15, 2009 1:30 AM EDT

STAFA, Switzerland--(BUSINESS WIRE)-- Phonak GmbH, the German subsidiary of Switzerland's Sonova Holding AG (SIX: SOON), has today been issued with a fine by the German competition authority (BKA) following inquiries undertaken by the latter as part of an investigation into the German hearing systems market. Despite the allegations, Sonova was able to reach an agreement with the German Federal Cartel Office and will not appeal against the decision.

The Federal Cartel Office has accused Phonak GmbH of violating the German Act against Restraints on Competition. Phonak has denied that it has systematically influenced the retail prices of hearing aid audiologists, but will not take any further steps against the decision following today's agreement with the Federal Cartel Office. The fine amounts to EUR 4.2 million and will therefore not have any affect on the earnings outlook of Sonova Holding AG for the current financial year.

Disclaimer

This Media Release may contain forward-looking statements which offer no guarantee with regard to future performance. These statements are made on the basis of management's views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside the company's control.

This is Sonova

Sonova is the leading provider of innovative hearing healthcare solutions. The globally active group is the world's top manufacturer of hearing systems, the market leader in wireless communication systems for audiology applications and a provider of professional solutions for hearing protection. Sonova is pursuing a clear growth strategy and is intent on building its market share. To this end it is constantly expanding its existing business segments and branching out into other areas of the hearing healthcare industry.

Present in over 90 countries, and with a workforce of over 5,300 employees, Sonova generated sales of CHF 1.249 billion in the financial year 2008/09 and a net profit of CHF 284 million. This financially strong group of companies bases its success on innovation, customer focus and proactive cost management.

The company has been successfully promoting understanding and communication for over 60 years, and is ideally positioned to benefit from the trends in this growth industry.

For more information please visit www.sonova.com.

Sonova shares (ticker symbol: SOON) have been listed on the SIX Swiss Exchange since 1994.

    Source: Sonova

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