Foxconn's FIT Hon Teng plans to buy Belkin International for $866 million

Belkin offers a wide range of consumer electronics products that are sold throughout the United States, Canada, South America, Asia and Europe

Foxconn
The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's headquarters in New Taipei City, Taiwan
Reuters Hong Kong
Last Updated : Mar 27 2018 | 8:31 PM IST
FIT Hon Teng Ltd, the cable and connector division of Taiwan’s Foxconn, said on Tuesday 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.
 
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.


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