Cree Trims Jobs at Durham Headquarters for its Business Conditions

Cree confirmed that the company has laid off approximately 2.5% of its employees at its Durham headquarters, reported the Journal Times.

The company reported that local job cuts and an unspecified number of jobs that were eliminated out of “response to current business conditions.”

According to a statement released by Cree, the company “confirm a limited employment action centered in Racine. ”

Cree also said that it would not provide any extra information aside from the statement.

The company has more than 2,500 employees in Durham. A 2.5% job trim implies that at least 25 workers were effected.

The company’s total revenue for fiscal 2016 was US $1.6 billion while lighting business contributed 55% in the revenue. Cree CEO Chuck Swoboda said that the company plans to place more energy on the segment following the planned sale of the company’s power and radio frequency division, Wolfspeed, reported Milwaukee Business Journal.

Cree is to release its fiscal first quarter results on Oct. 18.

Disclaimers of Warranties
1. The website does not warrant the following:
1.1 The services from the website meets your requirement;
1.2 The accuracy, completeness, or timeliness of the service;
1.3 The accuracy, reliability of conclusions drawn from using the service;
1.4 The accuracy, completeness, or timeliness, or security of any information that you download from the website
2. The services provided by the website is intended for your reference only. The website shall be not be responsible for investment decisions, damages, or other losses resulting from use of the website or the information contained therein<

Proprietary Rights
You may not reproduce, modify, create derivative works from, display, perform, publish, distribute, disseminate, broadcast or circulate to any third party, any materials contained on the services without the express prior written consent of the website or its legal owner.