September 28, 2011 – Cree Inc. recently acquired Ruud Lighting Inc. for a net cost of about $525 million. “Combining two highly complementary LED innovators, the acquisition allows Cree to extend its leadership position and increase the adoption of energy-efficient LED lighting,” says the company.
“Cree is taking another bold step in leading the LED lighting revolution, creating a company that has an unrivalled focus and commitment to driving LED lighting adoption,” said Chuck Swoboda, chair and CEO of Cree.
The acquisition aims to create a market leader for indoor and outdoor LED lighting, accelerating adoption and expanding the market for both Cree’s LED systems and components. “Other synergies include increased access to the lighting market through expanded sales channels and operating leverage from increased economies of scale,” adds Cree.
“Joining Cree was the right thing to do so Ruud Lighting can build on our leadership position; as leaders we create opportunities for everyone,” said Alan Ruud, chair and CEO of Ruud Lighting.
Ruud Lighting will continue to be based in Racine, Wisc., and will operate as a subsidiary as part of Cree’s lighting business. Additionally, Alan Ruud has joined the Cree board.
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