Billion Dollar Belkin: Foxconn buys accessory & IoT business

Belkin is a big deal in modern technology circles, they make an accessory for just about every product and lead the way in fully certified Apple accessories. Today Taiwanese manufacturing giant Foxconn – known as the maker of the iPhone announced the purchase of the privately held Belkin.

Under founder Chet Pipkin Belkin went from making printer cables to become one of the biggest privately owned tech brands on the planet and that was confirmed today by the $1.1 billion price tag ($866,000,000 USD).

Foxconn (FIT) CEO Sidney Lu said “FIT is excited to acquire Belkin and its capabilities in the premium consumer products space,”

“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.”

Chet Pipkin, an unassuming but passionate businessman said “I am thrilled to take our brand portfolio of Belkin, Linksys, Wemo and Phyn to new heights,”

“We see significant synergies with FIT, including leveraging its world-class manufacturing capability to enhance Belkin’s operating efficiency and competitiveness. The transaction also grants us access to more resources to invest in our people and to aggressively pursue opportunities in the marketplace.”

At face value it appears nothing much will change at Belkin globally, with Belkin International to operate as a subsidiary of Foxconn, one can only assume the manufacturing giant will be able to find efficiencies and savings for Belkin in their processes which will benefit both long term.