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 technolog...

Cree is selling its lighting business to Ideal Industries, an Illinois-based electric power control and management company, to continue its strategy of becoming a more focused, powerhouse semiconductor company. Cree announced the execution of a definitive agreement to sell Cree Lighting, the lighting products business unit, which includes the LED lighting fixtures, lamps and corporate lighting solutions business for commercial, industrial and consumer applications. According to Cree, the deal is about US$310 million before tax. The company expects to receive an initial cash...