Taiwanese contract manufacturer, Foxconn today announced the acquisition of popular smartphone accessories manufacturer Belkin. With this acquisition, Foxconn Interconnect Technology, a subsidiary of Foxconn now own Belkin which owns Linksys and Wemo.
For those who don’t know, Belkin is a popular computer and smartphone accessories manufacturer and has been in the market for around 35 years. Back in 2013, Belkin purchased Linksys who is well known for wireless routers and Wemo is Belkin’s in-house smart home company. With this acquisition, Foxconn will own all the three companies and stronghold its position in the market.
The deal was announced earlier today and Foxconn will pay $866 million in cash to acquire Belkin. However, the deal is still pending an approval from the US Committee on Foreign Investment which means it’s still not complete yet. Foxconn has promised to invest $10 billion to build a factory in Wisconsin once the deal goes through.
With this deal, Foxconn will successfully be able to branch out and tap into different markets rather than just being a contract manufacturer for companies like Apple.