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Cree buys Hong Kong LED maker for $200M

Posted: 14 Mar 2007 ?? ?Print Version ?Bookmark and Share

Keywords:Cree? LEDs? LED chips? Cotco Luminant Device? LED maker?

Cree Inc. has acquired privately-held Cotco Luminant Device Ltd of Hong Kong for $200 million in cash and stock.

The acquisition of Cotco, a supplier of high brightness LEDs in China, will provide Cree with strategic access to this important and fast-growing solid-state lighting market.

''This acquisition is the next step in our strategy to enable the solid-state lighting revolution," said Chuck Swoboda, Cree chairman and CEO, in a statement.

In connection with the acquisition agreement, the parties also entered a shareholders' agreement under which Cotco Holdings agrees that it will not sell or transfer any of the Cree shares it receives at closing until one year after the closing date, at which time Cotco Holdings may sell or transfer up to 50 percent of the shares.

- Mark LaPedus
EE Times

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