The move, say the companies, will allow Foxconn Interconnect Technology (FIT) to leverage Belkin's research and development capabilities and consumer products channel and "further tap into premium accessories and the smart home market." It is also seen as expanding the companies' presence in the U.S. and key markets globally.
"FIT is excited to acquire Belkin and its capabilities in the premium consumer products space," says Sidney Lu, CEO, FIT. "Integrating Belkin's best-in-class capabilities and solutions into FIT, we expect to enrich our portfolio of premium consumer products and accelerate our penetration into the smart home."
Chet Pipkin, Belkin International's CEO and founder, adds, "This move will accelerate our vision of delivering technology that makes the lives of people around the world better, more convenient and more fulfilling. I am thrilled to take our brand portfolio of Belkin, Linksys, Wemo, and Phyn to new heights."
Foxconn is best known for manufacturing Apple's iPhones, while Belkin is a familiar brand among consumers of computer accessories and networking products under the Linksys brand. Belkin's Wemo brand offers home automation products, including electrical plugs, motion sensors, light switches, cameras, light bulbs, and a mobile app.
Under the agreement, Belkin and its family of brands will continue to operate as a subsidiary of FIT with the CEO and founder Mr. Pipkin and his executive team remaining. Mr. Pipkin is expected to join FIT's management team.
Smart home automation market to grow to $130B By 2025
Smart home market to exceed $14B in 2017
Cree, WeMo team up to expand connected lighting opportunities
Nest Labs moves to dominate the smart home