March 18, 2019 – Ideal Industries, which designs and manufactures products and tools for professional tradespeople in the electrical, wire processing, construction and data communications industries, is acquiring Cree Lighting, which develops LED fixtures, lamps and controls for commercial, industrial and consumer applications.
Cree announced the pending change in ownership of its lighting business on Mar. 15. Under the terms of the transaction, which is expected to close in the second quarter (Q2) of 2019, Cree Lighting will become Ideal’s 20th branded operating unit, separately led by its current management team, including senior vice-president (SVP) and general manager (GM) Craig Atwater.
“This is a great opportunity for all of us, our channel partners and our customers,” says Atwater. “The Ideal family is a strong cultural and strategic fit for Cree Lighting.”
“We’re very excited to welcome Cree Lighting to the family,” says Jim James, chair and CEO of Ideal. “We believe the global commercial lighting market is nearing a transformational phase. Building owners, architects and engineers clearly want large-scale solutions, but we see them returning to strong brands like Cree. We expect that, with our support and expertise, Cree Lighting will thrive throughout these changing market conditions.”