March 13, 2007, Durham, NC--Cree, a provider of light-emitting diode (LED) lighting and semiconductor products, announced a definitive agreement to acquire privately held COTCO Luminant Device (Hong Kong, China) in a combined stock and cash transaction valued at approximately $200 million.
The acquisition of COTCO, a supplier of high brightness (HB) LEDs in China, will provide Cree with strategic access to this important and fast-growing solid-state lighting (SSL) market. It also will provide Cree with a low-cost manufacturing platform and will help Cree to leverage its expertise in LED chips and intellectual property, as well as its investment in sales and marketing, to offer more value-added products in key markets for high performance LED screens, SSL, and signage.
"This acquisition is the next step in our strategy to enable the solid-state lighting revolution," said Chuck Swoboda, Cree chairman and CEO. "We are excited about having the COTCO management team join the Cree family and continuing to build on their success. We look forward to working together to expand our business in China and to transform Cree into a truly global company."
For more information, visit http://www.cree.com.