STURTEVANT – Lighting giant Cree, which has administrative and manufacturing facilities in Sturtevant, Friday announced an agreement to sell its entire lighting products business unit, Cree Lighting, to Ideal Industries for approximately $310 million.
Cree is the company that bought the former Ruud Lighting absorbed it into Durham, N.C.-based Cree. Cree Lighting includes the LED lighting fixtures, lamps and corporate lighting solutions business for commercial, industrial and consumer applications.
Cree said in a news release that the agreement continues Cree’s strategy, announced in February 2018, to create a more focused, “powerhouse” semiconductor company, providing growth capital for Wolfspeed, its core power and radio frequency business, and equips Cree with additional resources to expand its semiconductor operations.
Cree also said the deal enables Cree Lighting to “gain additional global focus, channel support and investment as it becomes a growth engine for the Ideal team.”
No information was immediately available Friday morning about potential impacts on Cree’s existing operations in Sturtevant where the company has an estimated 1,000 employees.
Source:: Daily times