© Cree Business | October 19, 2020
Cree to sell LED Business to SMART Global Holdings
Cree says it has entered into a definitive agreement to sell its LED Products business unit (Cree LED) to SMART Global Holdings for up to USD 300 million.
Under the terms of the agreement, which has been approved by the company’s board of directors, Cree expects to receive an initial cash payment of USD 50 million upon closing and USD 125 million to be paid upon maturity of a seller note issued by SMART to Cree due August 2023. Cree also has the potential to receive an earn-out payment of up to USD 125 million based on the revenue and gross profit performance of Cree LED in the first full four quarters post-transaction close. “We are pleased to announce the sale of our LED Products business to SMART, which represents another key milestone in our transformational journey to create a pure-play global semiconductor powerhouse,” says Cree CEO Gregg Lowe, in a press release. “This transaction uniquely positions us with a sharpened strategic focus to lead the industry transition from silicon to silicon carbide and further strengthens our financial position, which will support continued investments to capitalize on multi-decade growth opportunities across EV, 5G and industrial applications.” SMART is a global player in specialty memory, storage and high-performance computing solutions serving the electronics industry for over 30 years. “We are thrilled to welcome Cree LED to the SMART family,” says Mark Adams, President and CEO of SMART Global Holdings. “As the leader in LED lighting technology with a highly respected brand and expansive patent portfolio, Cree has a track record of delivering best-in-class solutions and I am very excited about the opportunities that lie ahead for Cree LED as part of the SMART portfolio of products.” The transaction is subject to required regulatory approvals and satisfaction of customary closing conditions, and is targeted to close in the first calendar quarter of 2021. Following the closing of the transaction, SMART will license and incorporate the Cree LED brand name into the SMART portfolio of businesses.
InnovationLab acquires flexible printed battery technology from Evonik German printed electronics specialist, InnovationLab, has acquired the TAeTTOOz printable battery technology from Evonik.
Motorola secures chip supply with GlobalFoundries deal The US semiconductor foundry has entered into a long-term agreement to safeguard the supply of chip solutions for Motorola Solutions' radios, which are widely used by public safety, critical infrastructure and enterprise organisations.
Foxconn and Yageo JV invests in Taiwan MOSFET manufacturer Hon Hai Technology Group (more commonly know as Foxconn) and Yageo Group have – via their joint venture XSemi – invested NTD 2.89 billion (EUR 91.6 million) in Taiwanese MOSFET manufacturer Advanced Power Electronics Corp.
Nexperia and Kyocera to develop GaN automotive power modules Nexperia and Kyocera AVX Components (Salzburg) GmbH, have entered into a partnership with a focus on power components – the companies aims to jointly developing GaN applications for electric vehicles.
Intel invests $700 million in new Oregon mega lab The US chipmaker plans to invest more than USD 700 million for a 200,000 square-foot, research and development mega lab focused on data center technologies and addressing areas such as heating, cooling and water usage.
Sponsored content by Proval ServiceSince 25 years your partner for SMT stencils and solder pallets. 25 years of experience makes Proval Service not just a supplier but your trustful and grounded partner to support you with SMT stencils and solder pallets. A qualified and unite team can satisfy every customer's need during the whole process.
Obsolescence management cannot be an afterthought “Obsolescence has always existed. However, it usually only becomes really critical for companies when the exception mutates into the norm. And in recent years we have unfortunately experienced this unwanted development not only with semiconductor chips, but increasingly with many other components, materials and raw materials,” says IIOM President and COGD Chairman Dr Wolfgang Heinbach.
Tower record 1Q22 revenues of $421 Million, a 21% YoY Tower Semiconductor reported first quarter 2022 revenue of USD 421 million, an increase of 21% compared to USD 347 million in the first quarter of 2021.
Gallium Semiconductor opens its Nijmegen R&D center Gallium Semiconductor has officially held the grand opening of its European R&D center in a ceremony in Nijmegen, the Netherlands.
Ferrotec to add manufacturing capacity with new plant in Malaysia Ferrotec, a global supplier of materials, components, and precision system solutions, is establishing a new manufacturing facility at Kulim Hi-Tech Park, Kedah, facilitated by the Malaysian Investment Development Authority (MIDA).
Skeleton targets the Polish market – teams up with ZPUE Supercapacitor specialist, Skeleton Technologies, and ZPUE, a Polish manufacturer of electrical devices for electrical power distribution utilities, have entered into a commercial agreement to provide energy storage solutions to the Polish market.
Texas Instruments breaks ground $30 billion investment The semiconductor manufacturer has broken ground on its new 300mm semiconductor wafer fabrication plants in Sherman, Texas – an investment set to create as many as create as many as 3,000 jobs.
ERP partners with Flip to fulfill EOL and Obsolete component solutions Flip Electronics has signed a franchised distributor partnership agreement with ERP Power (ERP) to distribute its End-of Life (EOL) semiconductor products.
Foxconn and DNeX build and operate wafer fab in Malaysia Dagang NeXchange Berhad (DNeX) and Foxconn subsidiary Big Innovation Holdings (BIH), plan to set up a joint venture company to build and operate a new 300mm wafer fab in Malaysia.
Sponsored content by FusionManufacturers Reassess their Supply Chains Prevailing obstacles since the COVID-19 Pandemic in 2020 have manufacturers reassessing their supply chain strategies. The following major disruptions that occurred entering 2022 added to existing setbacks, or created new ones altogether:
Imec and semiconductor partners target greener chip manufacturing Nanoelectronics research and innovation center, imec, says that it has managed to pool together stakeholders from the semiconductor value chain – from companies such as Apple and Microsoft, to suppliers, including ASM, Kurita, SCREEN and Tokyo Electron – to participate in its Sustainable Semiconductor Technologies and Systems (SSTS) research program.
SiPearl reaches milestone – 100 employees The European chip designer has exceeded 100 employees across its six sites in France (Maisons-Laffitte, Grenoble, Massy, Sophia Antipolis), Germany (Duisburg) and Spain (Barcelona).
Renesas to convert closed factory to 300mm wafer fab Renesas plans to conduct a JPY 90 billion (EUR 664 million) investment in its Kofu factory, located in Kai City, Yamanashi Prefecture, Japan. The company closed the factory back in October 2014, but now intends to reopen the fab in 2024 as a 300mm wafer fab.
Arrow names Jörg Strughold as president EMEA components Arrow Electronics announces that Jörg Strughold will take over as president of its components business in EMEA. He succeeds Martin Bielesch who has decided to leave the company.
€14 billion to attract semiconductor players to Germany EUR 14 billion in state support is the German governments new strategy to attract more chipmakers to the country.
10 different companies have expressed interest in Toshiba Back in April 2022, Toshiba Corporation announced that it had resolved to solicit proposals on strategic alternatives from potential investors and sponsors. The Japanese company is seeking to enhance its corporate value and has since the announcement been holding discussions with the potential partners.
TDK expands with new MLCC production site in Japan Japanese TDK Corporation says that it will construct a new production building on the premises of the Kitakami Factory – located in Kitakami city, Iwate prefecture, Japan – in order to to enhance the company's MLCC production.
Avnet breaks ground on German expansion In order to better serve its customers’ local and global needs, Avnet is expanding in two locations in Germany. Avnet Embedded broke ground on a new manufacturing site in Eschbach and Avnet EMEA plans to build its third European logistics centre in Bernburg.
Viettel & Qualcomm team up on 5G infrastructure development Viettel Group and Qualcomm Technologies plans to collaborate and develop a next-generation 5G Radio Unit (RU) with massive MIMO capabilities and distributed units (DUs). This focuses on helping to expedite the development and roll-out of 5G network infrastructure and services in Vietnam and globally.
Applied Materials opens Montana expansion – create 200 new jobs The company has opened its latest expansion in Montana, a new semiconductor manufacturing center set to create 200 jobs in the Flathead Valley.
How to easily select the right frequency generation component Question: What is the right frequency generation component for my application?
Bell Semiconductor is suing companies left and right In late April, Bell Semiconductor, a Pennsylvania-based technology and intellectual property licensing company, filed lawsuits against Micron, Infineon, Nvidia and seven other companies alleging infringement of one of its patents.Load more news