Cree Expands Facility to Add LED Capacity
Groundbreaking for 125,000 sq. ft. Manufacturing Addition Commences Company Under Contract for Additional 120,000 sq. ft. Office Expansion
Durham, NC. Cree Research, Inc. (Nasdaq: CREE) announced today that it has commenced facility construction to expand manufacturing capacity for its high brightness light emitting diode (LED) product. LEDs are used in applications for cellular handsets, automotive instrument clusters, indoor and outdoor signage, indicator lighting, and other consumer products.
As part of the company s multi-year factory expansion plan, Cree has recently completed a 42,000 sq. ft. addition for production and administration, and has also begun construction on a 125,000 sq. ft. expansion that is expected to be completed by the fourth quarter of calendar year 2000. This new 125,000 sq. ft. will increase the square footage of the company s production facilities by an additional 45%.
Charles Swoboda, President and Chief Operating Officer, stated, "Cree continues to invest in the facilities, equipment, and personnel required to execute our increased production requirements to meet the demand we have experienced. Our mission is to provide our customers with high quality silicon carbide (SiC) products at the lowest cost. These new facility upgrades reflects our confidence in the continued growth and demand for devices made from silicon carbide."
The company also announced that it is under contract to acquire an additional 120,000 sq. ft. building on approximately 18 acres for $8.16 million. This new site, now under construction, is adjacent to the existing manufacturing operations in Durham, North Carolina. This new facility, which Cree will upfit after the closing of the purchase, will house general and administrative, sales, certain research and development personnel and other employee service functions. The company will continue its due diligence examination of the property through mid-January 2000 with occupancy scheduled for summer 2000.
North Carolina-based Cree Research, Inc. is the world leader in developing and manufacturing semiconductor materials and electronic devices made from silicon carbide. The company uses proprietary technology to make enabling compound semiconductors such as blue and green LEDs, microwave transistors for use in wireless base stations and radar, SiC crystals used in the production of unique gemstones and SiC wafers that are sold for research. Cree has new product initiatives based on its experience in SiC, including blue laser diodes for optical storage applications and high power devices for power conditioning and switching. For more information on Cree, visit http://www.cree.com.
This press release contains forward-looking statements involving risks and uncertainties that may cause actual results to differ materially from those indicated. Actual results could differ due to a number of factors, including the possibility of reduced demand for the company s products due to price reductions or other actions by competitors; the possibility the company may be unable to manufacture the volume of products required to fulfill contracted demand in a timely manner; and other factors discussed in the company s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 27, 1999.
Contact: Fran Barsky, Investor Relations Manager of Cree Research, Inc. Tel: 919-313-5397; Fax: 919-313-5452
Fran Barsky, Investor
Relations Manager of Cree Research, Inc. Tel: 919-313-5397; Fax: 919-313-5452
Web site: http://www.cree.com
Secure Your Hydrogen Supply
A study supply of high-purity hydrogen is critical to semiconductor fabrication. Supply chain interruptions are challenging manufacturers, leading to production slowdowns and stoppages. On-site hydrogen generation offers a scalable alternative for new and existing fabs, freeing the operator from dependence on delivered gas.Plant managers understand the critical role that hydrogen plays in semiconductor fabrication. That important job includes crystal growth, carrier gas, wafer annealing, and in the emerging Extreme UV Lithography (EUV) that will enable new generations of devices. As the vast need for semiconductors grows across all sectors of world economies, so does the need for high-purity hydrogen.
Take control with Nel on-site hydrogen generation.
Read more
.jpeg){kind=logo}
