To expand presence in premium market.
Foxconn Interconnect Technology (FIT) has agreed to acquire Belkin International and its Belkin, Linksys, Wemo and Phyn brands, in a cash deal totalling US$866 million (A$1.1 billion).
Leveraging Belkin’s strength in research and development and the consumer products channel, FIT is expected to further tap into premium accessories and the smart home market. The transaction would also fuel the growth of Belkin’s portfolio of brands and products and supports further investment in R&D and engineering to expand FIT and Belkin’s presence in the US and key markets globally.
FIT CEO, Sidney Lu said, “FIT is excited to acquire Belkin and its capabilities in the premium consumer products space. 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.”
Belkin International CEO and founder, Chet Pipkin commented, “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.”
Belkin International and its family of brands will continue to operate as a subsidiary of FIT under the leadership of Pipkin and his executive team.