This acquisition includes the LED lighting fixtures, lamps and intelligent lighting control solution business for commercial, industrial and consumer applications of Cree Inc.
Cree has also announced the pending change in ownership in a release earlier this morning whereby, IDEAL has acquired the rights to use and operate under the Cree Lighting brand, according to a statement.
“We’re very excited to welcome Cree Lighting to the IDEAL family as we are acquiring a very special organisation poised for sustained success. We look forward to assisting Cree Lighting in realising its full potential,” said IDEAL chairman and chief executive officer, Jim James.
Cree Lighting senior vice-president and general manager, Craig Atwater and the team will join IDEAL, and the business will continue to operate out of Durham, North Carolina, Racine in Wisconsin and other global locations.
It also provides IDEAL with a high-performance lighting agency network and sales team, significant manufacturing capability in Racine, a strong management team and organisation as well as a large share of the growing global commercial lighting market.
IDEAL is a global, diversified family business designing and manufacturing superior products and tools for professional tradesmen in the electrical, wire processing, data communications, aerospace, automotive and construction industries.
For more information, contact https://www.idealindustries.com and https://www.cree.com.
-- BERNAMA
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