News

26 June 2006

 

Cree to acquire SiC substrates manufacturer Intrinsic Semiconductor

Silicon carbide (SiC) materials and devices manufacturer, Cree Inc has signed a definitive agreement to acquire privately held Intrinsic Semiconductor Corporation. Intrinsic manufactures low defect density SiC substrates.

Cree is set to acquire all outstanding Intrinsic capital stock and options for $46m. Approximately $43.5m will be paid in cash, with the remainder being paid through the assumption of outstanding Intrinsic stock options.

“Intrinsic has developed the first commercially available, zero micropipe SiC substrates using their ZMP technology. We believe the combination of Cree's technology and manufacturing expertise with Intrinsic’s ZMP technology will accelerate the commercialization of low-defect 100mm and 150mm substrates. These substrates should not only support our cost roadmap for LEDs, but more importantly, they should also enable us to more rapidly commercialize higher-power devices for motor-control applications and hybrid vehicles,” said Chuck Swoboda, Cree’s chairman and CEO.

Cengiz Balkas, president and CEO of Intrinsic, added: “The contribution of Intrinsic’s ZMP process to Cree's existing world-class SiC technology and high-volume manufacturing capability represents a unique opportunity to make a new generation of cost-effective SiC devices available sooner than had previously been envisioned.”

Completion of the transaction is expected by the end of July 2006.

Visit Cree: http://www.cree.com

Visit Intrinsic: http://www.intrinsicsemi.com