Foxconn Buys Belkin

5/16/2018 5:27 PM 

Taiwan-based electronics manufacturer Foxconn, best-known as a maker of Apple’s iPhones, recently announced that it would acquire Los Angeles-based consumer products maker Belkin International, Inc., for US $866 million in cash. Belkin got its start in a garage in the 1980s, selling computer cable assemblies to local dealers and manufacturers. It now sells products in more than 50 countries. In 2013, Belkin bought router and WiFi company Linksys, and more recently acquired Wemo, a maker of “smart home” devices. 

According to Belkin’s press release, the acquisition by Foxconn Interconnect Technology (FIT) is designed to enrich the company’s consumer product portfolio and to “accelerate our penetration into the smart home,” says FIT CEO Sidney Lu. A recent article in The Verge notes that the addition of Belkin, Linksys, and Wemo will indeed give Foxconn, best known for manufacturing other companies’ products, a foothold in the consumer space, where it would be less dependent on the successes and failures of its clients. The article also notes that the purchase is expected to require approval from the US Committee on Foreign Investment.

 

 

 

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