Cree acquires APEI

This acquisition strengthens Cree’s position for SiC power electronics, infusing the Power and RF business with additional intellectual property and applications expertise at the systems level from APEI. “Adding this expert team of innovators and portfolio of patents will enable us to further disrupt and expand the market,” said Frank Plastina, executive vice president, Cree Power and RF. “Extending our research and development capabilities with APEI, a leader in wide bandgap power R&D, will help us accelerate delivery of a full spectrum of SiC power modules to meet customer requirements for performance and cost.” “Joining forces with the market leader in silicon-carbide power gives us an opportunity to commercialize our products faster,” said Dr. Alex Lostetter, president and CEO of APEI. “This ideal combination of chip technology and packaging will give us first-mover advantage, helping us to set the industry standard for power modules.” The APEI team, now Cree Fayetteville, will continue to be based in Fayetteville, Arkansas, and will operate as part of Cree’s Power and RF business. Under the terms of the agreement, Cree will acquire APEI in a merger transaction. The transaction is not targeted to have a material impact on Cree’s fiscal 2016 earnings.