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© Cree Business | May 14, 2019

Cree Closes on the sale of its lighting business

Cree says the company has completed the sale of its Lighting Products business unit (Cree Lighting) to IDEAL INDUSTRIES, Inc.

The transaction includes the LED lighting fixtures, lamps and corporate lighting solutions business for commercial, industrial and consumer applications. The transaction was first announced on back in March 15, which Evertiq reported on. “This represents a pivotal chapter for Cree as we sharpen our focus to become a semiconductor powerhouse in silicon carbide and GaN technologies,” says Gregg Lowe, CEO of Cree, in a press release. “Cree’s technologies are helping to power major transitions in our economy, whether it’s the automotive industry’s transition to electric vehicles or the telecommunications sector’s move to faster 5G networks. Our leadership in silicon carbide and GaN positions us well to help customers improve performance and realize greater efficiencies.” The company will use the proceeds from the sale to accelerate the growth of Wolfspeed, its Power and RF business, and expand its semiconductor operations. The company recently announced plans to invest up to USD 1 billion in the expansion of its silicon carbide capacity to meet the growing demand for silicon carbide and GaN-on-silicon-carbide technologies. The expansion includes the development of an automated 200mm silicon carbide fabrication facility and a materials mega factory at its US campus headquarters in Durham, North Carolina.
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September 15 2019 8:56 pm V14.3.11-2