Cree Lighting Sale is Complete

May 14 [addtoany]

On 10 MAY 2019, EdisonReport exclusively reported that the Cree-Ideal deal was likely to be completed on Monday, 13 MAY, and today we can confirm that the sale did occur.    See the announcement below.

DURHAM, N.C.–(BUSINESS WIRE)–May 13, 2019–Cree, Inc. (Nasdaq: CREE) announced today that it 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, which was previously announced on March 15, has closed and is effective today.

“This represents a pivotal chapter for Cree as we sharpen our focus to become a semiconductor powerhouse in silicon carbide and GaN technologies,” said Gregg Lowe, CEO of Cree. “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.”

About Cree, Inc.

Cree is an innovator of Wolfspeed ® power and radio frequency (RF) semiconductors and lighting class LEDs. Cree’s Wolfspeed product families include 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. Cree’s LED product families include blue and green LED chips, high-brightness LEDs and lighting-class power LEDs targeted for indoor and outdoor lighting, video displays, transportation and specialty lighting applications.

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