Cree buys ATMI's gallium nitride business
Materials supplier ATMI of Danbury, CT, is to sell its GaN business to Cree in a cash deal. The agreement covers both ATMI’s substrates and epitaxy product lines.
Cree says that the agreement, which is subject to third party approvals, is expected to close in the next three months, before the end of the Durham, NC, company’s current fiscal year.
Although the value of the cash deal was not disclosed, Cree said that the transaction would not have a material effect on its earnings per share.
“The sale of our GaN business is the first element of the planned disposition of ATMI’s six technology businesses,” said Gene Banucci, ATMI’s CEO. “It’s a good deal for ATMI, and it’s probably an even better deal for Cree.”
“The employees of our GaN business believed that Cree would be a great home for the business, and we are gratified that we were able to make this a reality,” added Banucci.
Calvin Carter, Cree’s director of materials technology, said: “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.”