LED lighting manufacturer Cree Inc., Durham, N.C., said its public offering of common stock, which closed Wednesday, plus its underwriters' exercise of their full allotment of additional shares, brought the company $434.1 million. In a market environment where risk avoidance has been the norm for more than a year, it seems investors are looking at solid-state lighting as a stable growth technology.
Cree plans to use the proceeds "for anticipated capital expenditures of approximately $150 million in fiscal year 2010 and additional future capital expenditure needs with the remainder being used for general corporate purposes, including working capital and potential strategic investments."