Today it has been announced that Foxconn Interconnect Technology Limited , a subsidiary of Hon Hai Precision Industry has this week acquired the Belkin , Linksys , Wemo , Phyn brands in a deal that is worth approximately $866 million in cash. The companies have today jointly announced the signing of the agreement under which Foxconn agreed to acquire Belkin International creating a global consumer electronics leader in the process. Using their new acquisition Foxconn is expected to create more premium accessories for the smart home market.
“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.”
Source: BelkinFiled Under: Technology News, Top News