March 28 (UPI) — Taiwanese hardware manufacturer Foxconn reached an agreement Tuesday to acquire U.S. electronics company Belkin in a $866 million merger.
Belkin issued a statement saying Foxconn had acquired the company and its associated brands Linksys, Wemo and Phyn to create “a global consumer electronics leader.”
“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 Belkin International CEO Chet Pipkin.
Belkin and its family of brands will continue to operate as a subsidiary of Foxconn under the leadership of Pipkin, who is expected to join Foxconn’s management team.
Foxconn, traded as FIT Hon Teng Limited, is contracted by Apple to manufacture the iPhone and is expected to use the merger to expand into premium accessories and the smart home market.
“FIT is excited to acquire Belkin and its capabilities in the premium consumer products space,” said Foxconn CEO Sidney Lu. “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.”
