Foxconn Interconnect Technology set to Acquire Belkin for US$866 Million
Foxconn Interconnect Technology (FIT), a subsidiary of Hon Hai Precision Industry, is acquiring and Belkin International (Belkin, Linksys, Wemo and Phyn brands) for approximately US$866 million in cash, creating a global consumer electronics leader.
The Joint press release states that "Leveraging Belkin's strength in research and development capabilities 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 research and development and engineering to expand FIT and Belkin's presence in the U.S. and key markets globally.
Sidney Lu, CEO, FIT: "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."
Chet Pipkin, CEO and founder, Belkin International: "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 CEO and founder Mr. Pipkin and his executive team. Mr. Pipkin is expected to join FIT's management team.
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