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3 March 2008


Cree completes acquisition of LED Lighting Fixtures

Cree Inc of Durham, NC, USA, which manufactures LED solid-state lighting components, has completed its acquisition of privately held luminaire manufacturer LED Lighting Fixtures Inc (LLF) of Morrisville, near Research Triangle Park, NC, USA (announced on 8 February) in exchange for about $16.45m and issuing 1,852,335 shares of Cree’s common stock. Additional cash consideration of up to $26.4m may be payable over the next three years (tied to new product milestones and key employee retention).

LLF was co- founded in September 2005 by chairman and CEO Neal Hunter, who was also a co-founder of Cree in 1987 and its chairman and CEO until leaving in April 2005 . Hunter rejoins Cree as president of the renamed Cree LED Lighting Solutions. The rest of LLF’s management team continue in their roles.

Cree reckons that the acquisition expands its market opportunity by providing direct access to the lighting market. The firm’s business hence now encompasses LED chips, components and lighting systems. It further enables Cree to drive retrofit solutions to convert existing lighting infrastructure to energy-efficient lighting and to accelerate the adoption of LED lighting.

Cree will provide further information about the acquisition when it announces financial results for its fiscal third quarter (to end March) on 22 April.

See related items:

Cree acquiring LLF to expand to LED lighting systems

Cree considers adding Asian chip fab in next few years

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