Foxconn, the Taiwanese company best known for manufacturing iPhone and iPads for Apple, has announced that they will be acquiring accessory maker, Belkin for around $866 million USD.
The deal would not only include Belkin but also their other brands such as Linksys, Wemo, and Phyn.
“FIT (Foxconn Interconnect Technology Limited) is excited to acquire Belkin and its capabilities in the premium consumer products space,” said Sidney Lu, CEO, FIT. “Integrating Belkin’s best-in-class capabilities and solutions into FIT, we expect to enrich our portfolio of premium consumer products and accelerate our penetration into the smart home.”
With this deal, this helps Foxconn not only become a manufacturing partner but also the owner of three consumer brands.
“This move will accelerate our vision of delivering technology that makes the lives of people around the world better, more convenient and more fulfilling. I am thrilled to take our brand portfolio of Belkin, Linksys, Wemo and Phyn to new heights,” said Chet Pipkin, CEO and founder, Belkin International. “We see significant synergies with FIT, including leveraging its world-class manufacturing capability to enhance Belkin’s operating efficiency and competitiveness. The transaction also grants us access to more resources to invest in our people and to aggressively pursue opportunities in the marketplace.”
After the deal concludes, Belkin and their brands will continue to operate as normal but now as a subsidiary of Foxconn with Belkin CEO and founder, Chet Pipkin to remain in his position with him later to join Foxconn’s management team.