14 DAY TRIAL // Belkin announced on Monday that it had signed an agreement with Apple supplier Foxconn for the acquisition of Belkin International and its Belkin, Linksys, Wemo, Phyn brands for US$866 million.
In an attempt to become a global consumer electronics leader and drive the smart home market, Foxconn Interconnect Technology Limited (FIT) believes it's capable of leveraging Belkin’s strength in developing new technologies that would benefit electronics consumers around the globe.
"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.
According to Belkin, this transaction would also expand Foxconn's and Belkin’s presence in the United States, as well as other parts of the world, delivering premium accessories to emerging markets and growing Belkin’s portfolio of products and brands that have been renowned for their quality.
Belkin International to continue to operate as a subsidiary of FIT
Belkin's CEO and founder Mr. Pipkin said that Foxconn's acquisition of Belkin would grant the company access to more resources in an attempt to invest in their people, but also to aggressively seek new opportunities in the marketplace. He sees vital synergies under Foxconn's management that enhance Belkin’s competitiveness and operating efficiency.
On the other hand, Foxconn Interconnect Technology Limited (FIT) CEO Sidney Lu said that the company also expects to accelerate their presence into the smart home market, as well as to grow their portfolio of premium consumer products now that it plans to integrate Belkin’s top-notch solutions and capabilities.
Belkin said that from this point onwards Belkin International and its family of brands, including Belkin, Linksys, Wemo, Phyn will continue to operate as a subsidiary of Foxconn Interconnect Technology Limited under the leadership of CEO and founder Mr. Pipkin and his executive team, who will join FIT’s management team.