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 with the 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 Telecom-Chinas, so we can't talk about a complete agreement yet.
Foxconn said the acquisition of Belkin will allow it to leverage better the premium accessories and the smart home market. Belkin has more than 700 patents in its portfolio, including Linksys home routers, Belkin wireless accessories and Wemo smart home products.
“Η FIT είναι ενθουσιασμένη για την απόκτηση της Belkin και των δυνατοτήτων της στον χώρο των καταναλωτικών προϊόντων υψηλής quality,” said Sidney Lu, CEO of FIT.
"Incorporating Belkin's best capabilities and solutions at FIT, we expect to enrich the portfolio of high quality consumer products and accelerate our intrusion into the smart 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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