Cree Acquires Outdoor LED Maker for $525M
DURHAM, N.C., Aug. 19, 2011 — LED lighting provider Cree Inc. has announced the acquisition of LED outdoor lighting company Ruud Lighting Inc. of Racine, Wis., for $525 million.
As part of the nation’s largest streetlight conversion project, Los Angeles is planning to install 128,000 BetaLED fixtures, featuring Cree XLamp LEDs, over four years. (Image: Business Wire)
The addition of Ruud Lighting’s BetaLED product line allows Cree to increase its leadership position in the LED industry and to extend the adoption of energy-efficient LED lighting worldwide. The purchase will also provide increased access to the lighting market through expanded sales channels and operating leverage from increased economies of scale, the company said.
Ruud Lighting will continue to be based in Racine and will operate as a subsidiary of Cree’s lighting business. Alan Ruud, chairman and CEO of Ruud Lighting, has joined the Cree board.
For more information, visit: www.cree.com