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  Technology   In Other news  27 Mar 2018  Foxconn to acquire Belkin for $866 million

Foxconn to acquire Belkin for $866 million

REUTERS
Published : Mar 27, 2018, 7:24 pm IST
Updated : Mar 27, 2018, 7:24 pm IST

The move comes as FIT Hon Teng seeks a greater presence in new applications like car camera modules that are used in driverless cars.

“The rapid rise of ‘smart home’ products and the near-term projections for the market provide significant additional tailwinds to future growth,” FIT Hon Teng said.
 “The rapid rise of ‘smart home’ products and the near-term projections for the market provide significant additional tailwinds to future growth,” FIT Hon Teng said.

FIT Hon Teng Ltd, the cable and connector division of Taiwan’s Foxconn, said it planned to buy Belkin International, a maker of smartphone accessories and home networking products, for $866 million.

The move comes as FIT Hon Teng seeks a greater presence in new applications like car camera modules that are used in driverless cars, and hopes to tap into markets including medical, Internet-connected devices and green technology.

Belkin offers a wide range of consumer electronics products that are sold throughout the United States, Canada, South America, Asia and Europe and, according to FIT Hon Teng, the company has a strong growth potential.

“The rapid rise of ‘smart home’ products and the near-term projections for the market provide significant additional tailwinds to future growth,” FIT Hon Teng said in a statement to the Hong Kong stock exchange. Shares in the company were up 1 per cent in afternoon trade, in line with the broader index.

FIT Hon Teng raised $342 million in an initial public offering last year and has said it is looking to expand in North America after building a presence in Asia and South America.

It is a unit of Foxconn, the world’s largest contract manufacturer and major Apple supplier, which is formally known as Hon Hai Precision Industry Co Ltd.

Tags: foxconn, belkin, linksys, wemo