Foxconn scores hattrick with Belkin, Wemo, & Linksys acquisition

Date: 2018-03-27   Author: Dhananjay Punekar  Category: #technology

Foxconn scores hattrick with Belkin, Wemo, & Linksys acquisition

Foxconn Technology Group, the largest contract electronics manufacturer, has reportedly decided to purchase Belkin International Inc., one of the pivotal players across the consumer electronics space. As per reports, the deal has been valued at around USD 866 million in cash. Experts state that this move possibly unveils the firm’s plans to expand across smart home gadget sector.

For the record, Belkin is a reputed brand across the consumer electronics sector, known for manufacturing wireless chargers, mobile cases, and laptop docks. Earlier in 2013, Belkin had acquired Linksys, renowned for its expertise in home router production. Its sub-brand Wemo is also being taken care by Belkin for over five years now. Post this deal, Foxconn will reportedly have complete access to Wemo and Linksys as well.

Belkin’s takeover will offer Foxconn the access to its strong research & development portfolio. Industry analysts predict that through this acquisition, Foxconn plans to expand beyond its contract production of Apple’s iPhones. Eventually, the firm plausibly aims to sell products directly to consumers, similar to Apple.

Experts assert that Foxconn seems to rather eager to expand its reach across the smart home sector through the linking of the Wemo and Linksys businesses with its own IoT tools. According to the chief executive officer of FIT (Foxconn Interconnect Technology), Sidney Lu, the company is rather thrilled to acquire Belkin and its capabilities in the mainstream premium consumer products space.

Authentic sources claim that Chet Pipkin, Belkin’s current CEO will continue to supervise the operations of the company, which will now operate as a legal subsidiary of FIT.

For the record, this merger is subject to official approval from the Committee on Foreign Investment in the United States. Whether the deal would receive immediate approval is still a matter of debate, especially amidst the recent scenario where the U.S. government has not provided approval to several pivotal agreements.



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