Sumitomo to Buy $180M in Cree Wafer, LED Chip Products

LED lighting component maker Cree Inc. of Durham, N.C., said its Japanese distributor, Sumitomo Corp., has agreed to purchase $180 million of Cree's LED and wafer products during Cree's fiscal year, which ends in June 2007, subject to customer demand and other terms and conditions. The $180 million represents an approximately 10-percent increase over Cree's current estimate for fiscal 2006 sales to Sumitomo. The companies said they anticipate purchases in Cree's full line of wafer and LED chip products, including MegaBright, XBright, XThin and EZBright LEDs.

Chuck Swoboda, Cree's chairman and CEO, said, "We believe the agreement reflects the increasing optimism our sales team sees in Japan for increased market share in white mobile applications and new design wins in emerging markets for LED lighting."

For more information, visit: www.cree.com