cree-buys-light-in-china

Cree buys light in China

US semiconductor and lighting specialist, Cree, pays $200 million for Hong Kong-based Cotco to gain access to the Chinese market.
US-based Cree announced on March 12 it will acquire the privately held company Cotco Luminant Device of Hong Kong in a combined stock and cash transaction worth $200 million.

Cotco is a supplier of high brightness LEDs light emitting diodes in China. Cree will gain access to this lighting market and a low-cost manufacturing platform through Cotco's factory in China. Cree will also leverage its expertise to offer more value-added products for high performance LED screens, signage and solid-state lighting.

Cree will pay Cotco Holdings $70 million in cash and Cree stock valued at $130 million, based on the average price over the previous 20 trading days. A further consideration of up to...
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