Home / World News / Foxconn's FIT Hon Teng plans to buy Belkin International for $866 million

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

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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.