Cree public offering brings in $434 million

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 ...
Sept. 19, 2009

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."

Cree release

About the Author

Doug Chandler, Senior Staff Writer

Executive Editor

Doug Chandler began writing about the electrical industry in 1992, and still finds there's never a shortage of stories to be told. So he spends his days finding them and telling them. Educationally, he's a Jayhawk with an English degree. Outside of work, he can often be found banging drums or harvesting tomatoes.