The iPhone Foxconn, a manufacturer of Foxconn Interconnect Technology. Later on Monday, the Foxconn Interconnect Technology giant bought Belkin, which also features Linksys and Wemo.
Foxconn's agreement to buy the US consumer electronics maker has set 866 as a sale price for millions of dollars, according to Financial Times.
Foxconn said the merger would need approval from the US Committee on Foreign Investment. But the administration of President Donald Trump does not see it well eye in US-China telecommunications, so we can't talk about a done deal yet.
Foxconn said the acquisition of Belkin will allow it to better tap into the premium accessories and smart home market. Belkin has more than 700 patents in its portfolio, including Linksys home routers, Belkin wireless accessories and smart home productof Wemo.
"FIT is excited to acquire Belkin and its capabilities in the field of high quality consumer products," said Sidney Lu, CEO of FIT.
"Incorporating the best possibilities και λύσεις της Belkin στην FIT, περιμένουμε να εμπλουτίσουμε το χαρτοφυλάκιο των καταναλωτικών προϊόντων υψηλής ποιότητας και να επιταχύνουμε τη διείσδυσή μας στο έξυπνο home».
Belkin and its brands will operate as affiliates of FIT while Chet Pipkin, Managing Director and founder of Belkin International, will participate in the FIT administration.
Belkin was founded in 1983 and is based in Los Angeles. It has more than 1.400 employees worldwide. Belkin completed Cisco's Linksys acquisition in March of 2013.
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