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Foxconn buys Belkin

by Stuart Wilson, Thursday 29 March 2018

Belkin BOOST↑UP™ Wireless Charging Pad
Belkin BOOST↑UP™ Wireless Charging Pad

Foxconn Interconnect Technology (FIT) has agreed to buy Belkin for approximately US$866 million in cash, creating a global consumer electronics leader. As well as the Belkin brand, the deal also brings the Linksys, Wemo and Phyn brands under FIT’s control.

Leveraging Belkin’s strength in research and development (R&D) capabilities and the consumer products channel, FIT hopes to further tap into premium accessories and the smart home market.

The transaction would also fuel the growth of Belkin’s portfolio of brands and products and supports further investment in R&D and engineering to expand FIT and Belkin’s presence in the U.S. and key markets globally.

“FIT is excited to acquire Belkin and its capabilities in the premium consumer products space,” said Sidney Lu, CEO at FIT. “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.”

Chet Pipkin, CEO and founder at Belkin International, commented: “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.”

“We see significant synergies with FIT, including leveraging its world-class manufacturing capability to enhance Belkin’s operating efficiency and competitiveness. The transaction also grants us access to more resources to invest in our people and to aggressively pursue opportunities in the marketplace,” Pipkin added.

Belkin International and its family of brands will continue to operate as a subsidiary of FIT under the leadership of CEO and founder Pipkin and his executive team. Pipkin is also expected to join FIT’s management team. Belkin currently has more than 1,400 employees with products sold in more than 50 countries around the world.

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April, 2020

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