© Cree Business | March 15, 2019
Cree sells lighting unit to IDEAL INDUSTRIES INC.
Cree Inc. has formed a definitive agreement to sell its lighting products business unit, Cree Lighting, which includes the LED lighting fixtures, lamps and corporate lighting solutions business for commercial, industrial and consumer applications, to IDEAL INDUSTRIES INC. for approximately USD 310 million.
In a press release, the company said it expects to receive an initial cash payment of USD 225 million and has the potential to receive a targeted earn-out payment of approximately USD 85 million based on an adjusted EBITDA metric for Cree Lighting over one year, beginning two years after the transaction closes. The closing date is expected before the end of fourth quarter of fiscal year 2019. The agreement is on the heels of a February 2018 announcement that the company is working toward creating a more focused, powerhouse semiconductor company and providing growth capital for Wolfspeed, its core Power and RF business. The new focus also aims to expand Cree’s semiconductor operations. Cree Lighting hopes gain additional global focus, channel support and investment as it becomes a growth engine for the IDEAL team. Cree CEO Gregg Lowe said, “Cree has made significant progress over the last 18 months in sharpening the focus of our business to become a semiconductor powerhouse in Silicon Carbide and GaN technologies. Over that time frame, we have grown Wolfspeed by more than 100%, acquired the Infineon RF business, more than doubled our manufacturing capacity of Silicon Carbide materials, and signed multiple long-term supply agreements, which, in aggregate, are in excess of $500 million. With the addition of today’s lighting divestiture news, Cree is well positioned as a more focused semiconductor leader.” IDEAL is a fourth-generation, family-owned, growing global company specializing in electric power control and management. The company has locations in the U.S. and Canada. Cree specializes in RF semiconductors, lighting class LEDs and lighting products, which includes silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging, inverters, power supplies, telecom and military and aerospace. The company is headquartered in Durham, North Carolina.
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