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Cree CEO: Ideal Industries deal is on track

Lauren Ohnesorge
Cree CEO: Ideal Industries deal is on track

Cree’s in-progress sell-off of its lighting business is on track, says Gregg Lowe, CEO. “With the anticipated completion of the lighting divestiture during this quarter, Cree will be well positioned for faster growth… with a cash balance approaching $1 billion at closing,” Lowe told analysts on an earnings call late Wednesday. The $310 million deal, which hands over both the business and the Cree Lighting brand to Ideal Industries, allows Cree to “sharpen our focus to accelerate Wolfspeed growth,” Lowe said, referring to the company’s power and radiofrequency device division – the unit at the center of Cree’s new strategy.