Foxconn to Buy Belkin for $866 Million
Foxconn says it has agreed to acquire Belkin International for $866 million in cash. Foxconn, a unit of Hon Hai Precision, is most widely known for manufacturing iPhones for Apple. Belkin is a consumer electronics company that designs and sells accessories and other products. Belkin owns the Linksys, Wemo, and Phyn brands. Foxconn will use Belkin's research and development capabilities and product distribution channels to tap directly into the consumer market in the U.S. and other key countries. Belkin will operate as a subsidiary of Foxconn. Chet Pipkin, CEO and founder of Belkin, will join the executive team at Foxconn. The deal is subject to customary regulatory approval. Foxconn didn't provide an expected close date.
The Belkin Boost↑Up Wireless Charging Stand is compatible with phones from Apple, LG, Samsung, and Sony. It cradles phones in either vertical or horizontal positions, and supports 10W for quick charging.
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