Cree has completed the 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. The transaction deal, which was announced previously on 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 further plans to 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 laid out plans to invest up to $1 billion in the expansion of its silicon carbide capacity to meet the growing demand for silicon carbide and GaN-on-silicon-carbide technologies.
“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”, added Lowe
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