Foxconn buys Belkin, Linksys, and Wemo2018-03-28 14:42 by Daniela
Tags: Foxconn, Belkin, Linksys, WeMo
Foxconn, the Taiwan-based company best known for manufacturing iPhones for Apple is buying US company Belkin, which makes consumer electronics and smartphone accessories. Through the Belkin deal, Foxconn will get its hands on businesses including wireless chargers, Linksys internet routers and smart home system WeMo.
Foxconn will pay $866 million in cash to acquire Belkin. The purchase should be subject to approval from the US Committee on Foreign Investment, meaning it isn't a done deal just yet. Given that there have been other high profile foreign acquisitions shut down under the Trump administration, one shouldn't consider this purchase safe — especially since it involves networking equipment. That said, Foxconn has pledged to build a $10 billion factory in Wisconsin, which could help it stay on the administration's good side.
While Belkin has been around for over 35 years, recently the company's main source of success has come through designing a wide range of Apple-friendly accessories for products like the iPhone. But now, Belkin and it's sub-brands, including router-maker Linksys and home automation brand Wemo, will be entering a new phase of life after getting purchased by Apple parts manufacturer Foxconn.
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