Foxconn is one of Apple’s major supply chain partner responsible for assembling numerous Apple products including the iPhones. The Chinese company has today announced that it has acquired Belkin – a well-known brand for manufacturing high-quality accessories for iPhone and MacBook. It’s worth noting that Belkin own two other well-known brands; Linksys and Wemo.
Linksys is known for manufacturing top-quality networking devices and components while the Wemo sells smart home automation products. With Belkin’s acquisition, both the Linksys and Wemo now comes under Foxconn’s Umbrella.
Belkin believes that Foxconn will use its strength in consumer product channels and research and development to “further tap into premium accessories and the smart home market.” The acquisition will also help the accessory maker to expand its presence outside the United States.
Chet Pipkin, the CEO and founder of Belkin International said that “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. 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.”
Foxconn’s Interconnect Technology will pay $866 million in cash to acquire Belkin. The deal is still subject to necessary approval from the U.S. before it is finalized. Given how US president Donald Trump stopped Broadcom from acquiring Qualcomm, there are chances that Foxconn’s move to acquire Belkin meets the same fate. But, on the other hand, Foxconn has already managed to get itself in the good books of president Donald Trump by announcing an investment of $10 billion to build a manufacturing site in Wisconsin.
Via [Belkin]
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