iPhone manufacturer Foxconn buys Belkin for $866M
Belkin, Wemo and Linksys have been bought by Foxconn, the Taiwanese electronics maker best known for assembling iPhones.
Foxconn , the company best known for assembling iPhones , said Monday it has bought accessory maker Belkin in a deal worth $866 million.
Belkin is known for its phone accessories, which include cases, adapters, chargers (both wired and wireless) and power cables. It was bought through Foxconn Interconnect Technology (FIT), a subsidiary under Foxconn's Technology Group.
The move not only nets the Taiwanese manufacturer a business in phone, tablet and wearable accessories, but also in Wi-Fi routers and the increasingly lucrative smart home. Included in the deal were Linksys, which makes some of CNET's favourite routers, and Wemo, maker of some of CNET's favourite smart home devices. Both brands are owned by Belkin.
"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," Sidney Lu, CEO of the electronics manufacturer, said in a statement.
It appears Belkin and its brands will be run separately from Foxconn, with the press release noting Belkin CEO Chet Pipkin and his executive team will continue to manage the company. Pipkin is "expected" to join Foxconn management, it added.
Foxconn has been responsible for assembling some of the most popular tech devices in the world, including iPhones, PlayStation 4s and Xbox Ones. However, it's come under fire over the years for alleged mistreatment of its workers, most recently including unsafe environments and employment of students.
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