Taiwan's Foxconn to acquire accessory maker Belkin for $866 million

Foxconn, the Taiwanese contract manufacturing giant known for assembling the iPhone and other tech gear, is buying Belkin, a leading maker of accessories for $866 million in cash. In addition to accessories, The Los Angeles-area company also owns the Linksys line of routers and Wemo, a smart home brand.

Why it matters: The move represents a further expansion of Foxconn beyond its roots as a contract manufacturer for others.

The companies said that Belkin will operate as a separate subsidiary run by CEO and founder Chet Pipkin.