Cree to Acquire GaN Substrate and Epitaxy Business

DURHAM, N.C., March 25 -- Cree Inc. announced today it has entered into a definitive agreement to acquire the gallium nitride (GaN) substrate and epitaxy business of Advanced Technology Materials Inc., a subsidiary of Danbury, Conn.-based ATMI Inc., through an asset purchase transaction. Under the terms of the agreement, Cree will purchase the assets of the business, including related intellectual property, fixed assets and inventory, in exchange for cash.

Cree said it expects the acquisition, which is subject to certain third party approvals and other customary conditions, will close during the fourth quarter of its fiscal year ending in June.

Chuck Swoboda, CEO and President of Cree, stated, "We believe ATMI's GaN substrate and epitaxy capability will complement Cree's existing silicon carbide and GaN materials business. In addition, this acquisition provides Cree with fundamental IP related to GaN substrates and epitaxy technology which is synergistic with our existing patent portfolio in the optoelectronic, materials and microwave areas."

Cree uses silicon carbide, GaN and silicon materials technology to make products including blue-, green- and near-ultraviolet (UV) LEDs, near-UV lasers, radio frequency and microwave devices and power switching devices. Applications include solid-state illumination, optical storage, wireless infrastructure and power switching.

For more information, visit: www.cree.com