Foxconn snaps up Belkin?including Linksys, Wemo brands for $866 million
Hon Hai Precision Industry's Foxconn Interconnect Technology (FIT) subsidiary has announced a deal to slurp Belkin International for US$866 million in cash.
As well as Belkin's range of own-branded network, cable, cases, wireless networking, and other accessories, the acquisition will also bring the Wemo home automation, Linksys SOHO network, and Phyn “smart home water” brands under Foxconn's umbrella.
Foxconn promises to throw its weight behind further R&D to “expand FIT and Belkin’s presence in the US and key markets globally.” In Foxconn's statement, Belkin's founder and CEO Chet Pipkin is quoted as saying the transaction means the company can leverage FIT's “world-class manufacturing capability to enhance Belkin’s operating efficiency and competitiveness”.
