For that, no one expected. At least here at the bottom of the west
THE Foxconn Interconnect Technology, a subsidiary of Foxconn (Far East) Limited-HK (Apple's partner automaker in the manufacture of iPhones and many other products from Ma, which in turn is a subsidiary of Hon Hai Precision Industry) acquired Belkin International (and all of its sub-brands, which include Linksys, Wemo and Phyn) for approximately $ 866 million in cash. The acquisition, in the company's words, created a new global leader in consumer electronics.
According to the press release, the idea is to leverage Belkin's strength, its research and development capabilities, and its consumer products; on the Foxconn side, the Asian giant brings under its umbrella a line of accessories premium and a beautiful entry into the smart home accessories market. The transaction will also drive the growth of Belkin's portfolio of brands and products, in addition to expanding Foxconn and Belkin's presence in the US and major markets worldwide.
Here is the statement of Sidney Lu, FIT CEO:
Foxconn is excited to acquire Belkin and its capabilities in the consumer products segment premium. By integrating the best resources and solutions from Belkin FIT, we hope to enrich our portfolio of consumer products premium and accelerate our penetration (in the market) of smart home.
Below, the statement of Chet Pipkin, CEO and founder of Belkin:
This move accelerates our vision to provide the technology that makes the lives of people around the world better, more convenient and more rewarding. I am excited to take the Belkin, Linksys, Wemo and Phyn portfolio to new heights. We see significant synergies with FIT, including leveraging its world-class manufacturing capacity to improve Belkin's operational efficiency and competitiveness. The transaction also gives us access to more resources to invest in our people and to aggressively seek opportunities in the market.
It is worth noting that Belkin and the other acquired brands will continue to operate as a subsidiary of Foxconn, under the leadership of CEO and founder Pipkin and his executive team Pipkin, in turn, to join Foxconn's management team.