Ideal Industries Inc., Sycamore, IL, has sold its Cree Lighting division to CLNA Holdings, the holding company for ADLT (Advanced Lighting Technologies, Solon, OH) and its portfolio of lighting companies. Cree Lighting joins ADLT’s Venture Lighting International, APL Engineered Materials and Auer Lighting.
According to the Ideal press release, it made the move to “align its family of brands with its growth and investment goals, focus areas, and operational models.”
“This decision to divest Cree Lighting will enable Ideal Industries to streamline its focus on its core ventures while providing the necessary resources and attention to each brand to propel them forward. The Ideal Industries family of brands includes Anderson Power, Enatel and Ideal Electrical.”
“We are eager to take this significant step towards optimizing our business operations and strengthening our market position,” said Steve Henn, Ideal’s chief executive officer in the release. “Cree Lighting has been an integral part of our journey, and we are sincerely grateful for their contributions. However, we believe that this strategic divestiture will position Ideal Industries for accelerated growth and enhance our ability to capitalize on emerging opportunities in the electrical industry.”
A report posted at inside.lighting.com emphasized that Cree Lighting is not affiliated with components maker Cree LED owned by Smart Global Holdings.