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News

3 April 2007

 

Cree completes COTCO acquisition

Maker of SiC- and GaN-based LED chips and packaged devices, Cree of Durham, NC, USA has completed its acquisition of COTCO Luminant Device Limited.

Headquartered in Hong Kong, COTCO supplies high-brightness LEDs to China’s rapidly expanding solid-state lighting market. Cree says the acquisition gives the company greater strategic access to key Chinese markets, such as LED-based screens, signage and lighting. The deal also provides Cree with a low-cost manufacturing platform.

Cree first announced its plan to acquire COTCO on March 12, 2007. At that time, Cree said it would pay around $200m in stock and cash ($70m in cash and 7.6m shares of Cree stock, valued at $130m) for the company, plus up to $125m extra if the company achieves certain financial targets over the next two fiscal years. Cree intends to announce its Q3 financial results (ended March 25) after market close on April 19 and at that time will provide additional information about the acquisition.

See related item for more details about the COTCO acquisition:

Cree acquiring LED maker COTCO for $200m to expand China market share

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

Visit COTCO: http://www.cotco.com