Cree announced that it has closed sale of its Lighting Products business unit (Cree Lighting) to Ideal Industries. The transaction includes the LED lighting fixtures, lamps and corporate lighting solutions business for commercial, industrial and consumer applications.
Cree revealed the sales agreement of its lighting business with Ideal Industries in March. After selling Cree Lighting, the LED company announced its plan to invest US$ 1 billion to expand its silicon carbide capacity to meet the growing demand for silicon carbide and GaN-on-silicon-carbide technologies.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.
Gregg Lowe, CEO of Cree, commented, “This represents a pivotal chapter for Cree as we sharpen our focus to become a semiconductor powerhouse in silicon carbide and GaN technologie. 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.”
Cree Announces the Sale of Lighting Business to Ideal Industries