Foxconn Interconnect Technology, a Foxconn subsidiary, is acquiring popular accessory maker Belkin for $866 million in cash, the companies jointly announced on Monday. The deal will also include other brands in the Belkin portfolio, including Linksys, Wemo, and Phyn.
We all know Belkin as the maker of accessories for iPhone, iPad, and other devices, but Belkin, it’s also the router maker Linksys, the smart home products Wemo, and the intelligent water solution Phyn,
With this acquisition, Foxconn intends to make a push into the premium accessories business, but also enter the growing smart home market.
By getting access to Foxconn’s resources, this deal allows Belkin to further invest in research, development, and engineering, but also leverage Foxconn’s manufacturing capabilities, which could translate into more Belkin products coming to market at a faster pace.
Belkin and its family of brands will continue to operate as a Foxconn subsidiary under the leadership of CEO and founder Mr. Pipkin.