Cree Acquires Ruud, Increases LED Share

Cree Inc. acquires all outstanding stock of LED outdoor lighting firm, Ruud Lighting Inc. for approximately Rs.2,354.26 crore ($525 million).

The acquisition involves Rs.1,668.16 crore ($372 million) in cash, Rs.946.19 crore ($211 million) in stock (valued at the market closing price of Rs.1,557.85 ($34.74)/share), Rs.381.17 crore ($85 million) paid concurrently with the acquisition to retire outstanding debt, offset by tax benefits.

Cree is taking another bold step in leading the LED lighting revolution. According to Cree, the acquisition will allow the company to strengthen its position in the LED lighting market and push forward the adoption of energy-efficient LED lighting. Cree also believes that the move will enable it to expand the market for its LED systems and components. Both companies claim that their shared focus on best-in-class LED-based systems has led to thousands of LED lighting installations over the past several years.

Ruud Lighting will continue to be based in Racine, Wisconsin and will operate as a subsidiary of Cree's lighting business. Additionally, Alan Ruud will join the Cree board. Ruud Lighting, through its BetaLED product line, was one of the first traditional lighting companies to transform the majority of its business to LED-based systems.

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