IDEAL INDUSTRIES, Inc., Sycamore, Ill., acquired the lighting products business unit of Cree, Inc., Durham, N.C. The transaction includes LED lighting fixtures, lamps and corporate lighting solutions for commercial, industrial and consumer applications.

"This represents a pivotal chapter for Cree as we sharpen our focus to become a semiconductor powerhouse in silicon carbide and GaN technologies," says Gregg Lowe, chief executive officer of Cree. "Cree’s technologies are helping to power major transitions in our economy, whether it’s the automotive industry’s transition to electric vehicles or the telecommunications sector’s move to faster 5G networks. Our leadership in silicon carbide and GaN positions us well to help customers improve performance and realize greater efficiencies."

The company plans to accelerate the growth of Wolfspeed, its power and RF business, and expand its semiconductor operations.