Foxconn’s ambitions to become something more than just an Apple supplier have taken a big step. The company has announced the acquisition of popular accessory maker Belkin for US$866 million (RM3.35 billion).
The deal will see Foxconn Interconnect Technology (FIT) take over Belkin and all of its brands, including Linksys, Wemo, and Phyn. Providing it with a large portfolio of consumer products. An important move as Foxconn has designs on entering the smarthome market.
“FIT is excited to acquire Belkin and its capabilities in the premium consumer products space,” said Sidney Lu, CEO of 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.”
Belkin is expected to continue operating as usual; aside from now being a subsidiary of FIT – which is itself already a subsidiary.
We’re unlikely to see many changes on that front, but this announcement yet another sign that Foxconn is ready to diversify its business. All that remains is to figure out what the end game really is.