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Cree in a bid to produce and deliver high-performing LED products for the expanding markets of North and South America, Europe and Japan, has decided to form a joint venture with San’an Optoelectronics. This new venture will supply CREE LED products globally, on a non-exclusive basis.
The New LED Company brings together a technology and brand leader in lighting class with a world class LED supplier. Leveraging Cree’s superior portfolio of patents and global sales channels, the joint venture will bring to market a broad portfolio of high-performance mid-power products to serve the fast growing, $4 billion global mid-power LED market. With this agreement, Cree’s LED business is now able to serve the broader needs of the general illumination (indoor and outdoor lighting), horticultural and other evolving LED markets.
Located in Hong Kong, the Cree Venture LED Company will be led by TK Ong as the General Manager, who brings an extensive experience in the LED market, and will be governed by a board of directors with members from both companies. Cree will own 51 percent of the joint venture while San’an will own the rest 49 percent.
Cree and San’an will be working together in the coming months to allocate funds and commence operations of the joint venture. They are targeting initial product sales by the third calendar quarter of 2017. Cree will also be receiving royalties from the joint venture on its patent portfolio.
