For years, Taiwan-based Foxconn has been best-known for manufacturing Apple products, but it also builds countless other consumer electronics. Today, one of the company's subsidiaries (Foxconn Interconnect Technology) announced it is purchasing US-based Belkin for $866 million in cash. Belkin owns a number of major brands, including Linksys and Wemo.
The buyout would make Foxconn a major player in consumer electronics, instead of just a contract manufacturing company. Belkin primarily sells phone/tablet accessories, but also manufactures networking equipment like routers and Wi-Fi range extenders. The company also sells a range of smart home products under the Wemo brand.
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