Foxconn Announces That They Will Be Acquiring Belkin

Foxconn Announces That They Will Be Acquiring Belkin

It is understood that the deal will see the United States consumer electronics maker and its family of brands, including Belkin, Linksys, Wemo and Phyn, operate as a subsidiary of Foxconn under the continued leadership of the U.S. tech company's CEO and founder, Chet Pipkin and his executive team.

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

Critically, Belkin has more than 700 patents that span speaker and audio products, wireless internet of things (IoT) home automation technologies and connectors. It employs 1.3m workers worldwide and is headquartered in Taipei, Taiwan. "I am thrilled to take our brand portfolio of Belkin, Linksys, Wemo and Phyn to new heights". Founded and owned by Taiwanese tycoon Terry Gou, Foxconn made headlines when it made a bid for and eventually acquired Japanese consumer electronics manufacturer Sharp, but not without its fair share of drama and controversy. It seems that Foxconn Interconnect Technology plans on using Belkin's strong R&D team and its product distribution platform to sell premium accessories, and products for consumers interested in turning their house into a "smart home".

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Almost five years ago, the company made headlines for its acquisition of Cisco subsidiary, Linksys.

In recent weeks the company's chief marketing officer, Irishman Kieran Hannon picked up the gong in the Connect category of the Valiente Awards at SXSW for his work as CMO of Belkin.

In a filing on Tuesday, FIT Hon Teng, a unit of Foxconn Technology Group, revealed that upon completion of the merger, Belkin will become a direct wholly-owned subsidiary of the Company. Under its umbrella, Belkin also plays home to other brands such as WeMo and also Linksys who makes routers, which means that this acquisition for Foxconn will no doubt help to expand its portfolio and offerings to end-consumers.

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