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
Amazon's much-awaited Prime Day shopping event will take place in mid-October, according to multiple reports. The annual sale event will reportedly kick off in the U.S. on Tuesday, October 13. Amazon Prime Day, the company's biggest, global shopping event of the year, is usually held in the U.S. in mid-July. However, the e-commerce giant confirmed in July that it is delaying this year's event. Walmart Foundation, Cargill and McDonald's said they will invest more than $6 million in a million-acre grazing initiative to help restore grasslands and address the issue of climate change. The initiative, led by the World Bank, aims to make lasting improvements to the grasslands of the Northern Great Plains. The new program is known as the Ranch Systems and Viability Planning or RSVP network. Shell International Petroleum Co. Ltd. and Microsoft Corp. formed a strategic alliance to develop new solutions to achieve net-zero emissions. The alliance will support Shell's ambition to be a net-zero emissions energy business by 2050. Meanwhile, Shell's supply of renewable energy to Microsoft is expected to help it deliver on its renewable energy supply goals.
RELATED NEWS
Follow RTT