Cree, Inc. to Acquire Gallium Nitride Substrate and Epitaxy Business from ATMI, Inc.
March 25 2004 - 8:05AM
PR Newswire (US)
Cree, Inc. to Acquire Gallium Nitride Substrate and Epitaxy
Business from ATMI, Inc. DURHAM, N.C., March 25
/PRNewswire-FirstCall/ -- Cree, Inc. today announced that it has
entered into a definitive agreement to acquire the gallium nitride
(GaN) substrate and epitaxy business of Advanced Technology
Materials, Inc., a wholly-owned subsidiary of 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. The parties anticipate that the acquisition, which is subject
to certain third party approvals and other customary conditions,
will close during the fourth quarter of Cree's fiscal year ending
in June. The acquisition will be accounted for under the purchase
method of accounting with no resulting goodwill. The transaction is
not expected to have a material effect on Cree's earnings per
share. 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." Dr. Calvin Carter,
Cree's Director of Materials Technology, added, "We are pleased to
enter into this agreement with ATMI. They are awell respected and
recognized industry leader in GaN materials. We intend to continue
to service existing ATMI GaN customers and believe our own use of
GaN substrates could provide performance enhancements for our
future products." Cree is an advanced semiconductor company that
leverages its expertise in silicon carbide (SiC), gallium nitride
(GaN) and silicon (Si) materials technology to produce new and
enabling semiconductors. The products include blue, green and near
ultraviolet (UV) light emitting diodes (LEDs), near UV lasers,
radio frequency (RF) and microwave devices, and power switching
devices. Targeted applications for these products include solid
state illumination, optical storage, wireless infrastructure and
power switching. For more information on Cree, please visit our web
site at http://www.cree.com/ . This press release contains
forward-looking statements involving risks and uncertainties, both
known and unknown, that may cause actual results to differ
materially from those indicated. Actual results may differ
materially due to a number of factors, including the risks that the
acquisition may not be completed as scheduled, the acquired
operations may not achieve the results expected, we may have
difficulties retaining existing customers of the acquired
operations, the costs and challenges of integrating the acquired
operations with our other businesses may be greater than expected
and other factors discussed in Cree's report on Form 10-K for the
year ended June 29, 2003and subsequent reports filed with the
Securities and Exchange Commission. DATASOURCE: Cree, Inc. CONTACT:
Fran Barsky, Investor Relations Manager of Cree, Inc.,
+1-919-313-5397, or fax, +1-919-313-5615, or Web site:
http://www.cree.com/
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