logo
Plus   Neg
Share
Email

Foxconn Unit To Buy Belkin Intl. For $866 Mln

Foxconn Interconnect Technology Limited, carrying on business in Hong Kong as FIT Hon Teng Limited, agreed to acquire U.S. consumer electronics maker Belkin International for $866 million in cash, by way of merger.

In a filing on Tuesday, FIT Hon Teng, a unit of Foxconn Technology Group, revealed that upon completion of the merger, Belkin will become a direct wholly-owned subsidiary of the Company. The acquired business and its subsidiaries will be accounted for as subsidiaries in the Company's financial statements.

Belkin, a california-based manufacturer of Wi-Fi routers, mobile device chargers and keyboards, with over 700 patents, generated sales of about $789 million in the fiscal year ended Sept. 30.

FIT said it expects synergies to be achieved from the Merger through mutual leverage of customer channels and sales networks as well as technological and production capabilities.

FIT also anticipates that formation of a new "smart home" business, by combining the existing Linksys and Wemo businesses and related assets, will also help achieve synergies in the Group's businesses.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The National Labor Relations Board ruled in favor of McDonald's in a long-running case filed by workers who accused the fast-food giant of retaliation after they tried to unionize. The lawsuit, filed by 20 employees against McDonald's and some of its franchise operators in 2015. The lawsuit was seeking a ruling that would consider McDonald's a 'joint employer' with its franchisees. Shares of Facebook fell almost 3 percent in Thursday's trading after the Wall Street Journal reported that the Federal Trade Commission is considering seeking a preliminary injunction against Facebook amid antitrust concerns over the company's integration of its apps. Facebook had earlier said it was planning to integrate its three messaging services. Beverages giant Pepsi announced the launch Pepsi Café, a new coffee-infused cola, which will debut in the United States in April 2020. The new beverage, which aims to satisfy both cola lovers and coffee fanatics across the US, comes in two delicious flavors - Original and Vanilla, with roasted Arabica coffee. It will be available at all major national retailers beginning in April next year.
Follow RTT
>