tech2 News Staff Mar 27, 2018 18:25:17 IST
Apple supply partner Foxconn Interconnect Technology Limited has officially acquired accessory maker Belkin International for approximately $866 million in cash. Belkin also owns other brands such as Linksys, Wemo and Phyn. Foxconn is expected to leverage Belkin's strength in research and development capabilities. Foxxcon is also expected to tap into premium accessories and the smart home market.
The acquisition by Foxconn will help both the companies in expanding in the US and in other key markets globally.
Sidney Lu, the CEO of Foxconn Interconnect Technology said, “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.”
Whereas Chet Pipkin, the CEO and founder of Belkin International said, “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"
Belkin International will operate as a subsidiary of FIT under the leadership of the CEO Pipkin. The Belkin CEO is also expected to join FIT’s management team.
FIT focuses on the development, manufacturing and marketing of electronic and optoelectronic connectors, antennas, acoustic components, cables and modules for applications in computers, communication equipment, consumer electronics, automobiles, industrial and green energy field products.
Belkin supplies Wi-Fi networking solutions for the home and business, mobile accessories for laptops, smartphones, tablets, home energy management, home automation and intelligent water solutions and a range of connectivity and power products.
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