Foxconn Taking Forefront In Smart Home Race With Addition of Belkin’s Home Automation Products
Foxconn, the Taiwanese contract manufacturing, announced recently that it bought Belkin International. Foxconn is known for assembling iPhones for Apple while Belkin manufactures mobile accessories and home automation products under the brands Linksys, Wemo, Belkin, and Phyn. Foxconn Interconnect Technology Ltd is paying $866 million in cash for the badges, Belkin’s management team, retail outreach, and R&D ability.
The acquisition, which would follow Foxconn’s $3.5 billion majority move into Sharp two years ago, will further bring the behind-the-scenes business into the tech industry’s consumer-facing forefront, while giving it some added skin in the smart-home sector. Belkin, in turn, will benefit from its new parent’s deep pockets, which will further fuel R&D, engineering and overseas expansion.
Chet Pipkin, Belkin’s founder and CEO, said that the company will leverage Foxconn’s manufacturing abilities to conquer more. As per the plan, Pipkin, along with his management team will lead Belkin. The company will operate as a FIT subsidiary.
Under the plan, Pipkin and his management team will continue to lead the Belkin, which will continue to function as a FIT subsidiary. FIT, based in Tapei, makes and sells antennas, acoustic components, optoelectronic and electronic connectors for use in cars, CE, communication equipment, automobiles, and computers.
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