DURHAM, N.C.--(BUSINESS WIRE)--Cree, Inc. (Nasdaq: CREE), a market leader in silicon-carbide (SiC) power and RF products today announced the acquisition of APEI, a global leader in power modules and power electronics applications. Combining two highly complementary innovators, the acquisition enables Cree’s Power and RF business to extend its leadership position and help to accelerate the market for high-performance, best-in-class SiC power modules.
This acquisition strengthens Cree’s market-leading position for SiC power electronics, infusing the Power and RF business with additional intellectual property and applications expertise at the systems level from APEI. The companies' shared mission to deliver the industry’s most innovative SiC power products has already led to successful collaboration on multiple government contracts. In 2014, the co-development of a High-Performance Silicon Carbide-based Plug-In Hybrid Electric Vehicle Battery Charger on an ARPA-E program resulted in an R&D 100 award, recognizing the 100 most innovative technology advancements of the year.
“Adding this expert team of innovators and portfolio of patents will enable us to further disrupt and expand the market,” said Frank Plastina, executive vice president, Cree Power and RF. “Extending our research and development capabilities with APEI, a leader in wide bandgap power R&D, will help us accelerate delivery of a full spectrum of SiC power modules to meet customer requirements for performance and cost.”
“Joining forces with the market leader in silicon-carbide power gives us an opportunity to commercialize our products faster,” said Dr. Alex Lostetter, president and CEO of APEI. “This ideal combination of chip technology and packaging will give us first-mover advantage, helping us to set the industry standard for power modules.”
The APEI team, now Cree Fayetteville, Inc., will continue to be based in Fayetteville, AR., and will operate as part of Cree’s Power and RF business. Under the terms of the agreement, Cree will acquire APEI in a merger transaction. The transaction is not targeted to have a material impact on Cree’s fiscal 2016 earnings.
About Cree, Inc.
Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, mercury-free LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting and semiconductor products for power and radio-frequency (RF) applications.
Cree's product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices. Cree® products are driving improvements in applications such as general illumination, electronic signs and signals, power supplies and solar inverters.
Please refer to www.cree.com for additional product and company information.
Forward-Looking Statements
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results, including with respect to our targets and prospects, may differ materially due to a number of factors, such as the ability of the combined businesses to be integrated successfully with Cree's current operations; the ability of the combined companies to achieve targeted results; the possibility that costs associated with integrating the businesses may be greater than anticipated; the rapid development of new technology and competing products that may impair demand or render Cree's products obsolete; and other factors discussed in Cree's filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 29, 2014, and subsequent filings. Except as required under the U.S. federal securities laws and the rules and regulations of the SEC, Cree disclaims any obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.
Cree and the Cree logo are registered trademarks of Cree, Inc.
APEI is a registered trademark of Arkansas Power Electronics, Inc.
