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© mikael damkier dreamstime.com Electronics Production | March 27, 2018

Foxconn acquires Belkin for $866 million

Foxconn Interconnect Technology Limited (FIT) and Belkin International, have signed a definitive agreement under which FIT agreed to acquire Belkin International for approximately USD 866 million in cash.
The Hon Hai subsidiary expects to further tap into premium accessories and the smart home markets by leveraging Belkin’s strength in research and development and the consumer products channel, a press release reads.

The transaction will also fuel the growth of Belkin’s portfolio of brands and products and supports further investment in research and development and engineering to expand FIT and Belkin’s presence in the US and key markets globally.

“FIT 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.”

“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.”

Belkin International and its family of brands will continue to operate as a subsidiary of FIT under the leadership of CEO and founder Mr. Pipkin and his executive team. Mr. Pipkin is expected to join FIT’s management team.

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July 18 2018 5:55 pm V10.0.0-1