Foxconn, Apple’s Supplier Acquires Belkin, Linksys & Wemo for a Total of $866 Million in Attempt to Become Global Consumer Electronics Giant
Belkin had announced yesterday that it signed an agreement with Apple partner Foxconn. The details of this agreement stated that the Foxconn will acquire Belkin International and its Belkin, Linksys, Wemo, Phyn brands for a total of $866 million USD. It is possible that after it was reported that Apple was diving into the manufacturing of microLED screens for the future of smartphone displays, Foxconn believed that it was time to be prepared for the worst.
After the Acquisition, Belkin Will Continue to Operate as a Subsidiary of FIT - Foxconn Believes It Can Leverage These Resources to Become the Next Big Player
Foxconn Interconnect Technology Limited (FIT) states that it can take advantage of Belkin’s strength in developing new technologies that would benefit electronics consumers around the globe.
Chet Pipkin, CEO, and founder of Belkin International believes that the move will cater to tons of consumers in the near future.
“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.”
This transaction would also end up expanding Foxconn's and Belkin’s presence in the United States, as well as other parts of the world. In this way, the shipping of premium accessories in markets that are yet to recognize such companies will also be possible. Do keep in mind that Belkin’s portfolio of products are among one of the most premium that consumers have experienced.
Belkin's CEO and founder Mr. Pipkin also stated that Foxconn's acquisition of Belkin would grant the company access to more resources in an attempt to invest in their people, but also to aggressively seek new opportunities in the marketplace.
Foxconn Interconnect Technology Limited CEO Sidney Lu believes that the deal has taken place in order to expand in the smart home market and grow their portfolio of premium consumer products. The details of the acquisition have stated that from this stage, Belkin International and its family of brands, which include Belkin, Linksys, Wemo, Phyn will continue to operate as a subsidiary of Foxconn Interconnect Technology Limited under the leadership of CEO and founder Mr. Pipkin and his executive team, who will be joining FIT’s management team.
How successful do you believe the move is going to be when it comes to gaining the upper hand in the market? Tell us your thoughts down in the comments.
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