IDEAL INDUSTRIES, INC. Acquires Cree Commercial Lighting and Intelligent Lighting Control Systems
Mar 15, 2019PRESS RELEASESComments Off on IDEAL INDUSTRIES, INC. Acquires Cree Commercial Lighting and Intelligent Lighting Control Systems
Purchase Establishes IDEAL as a World Leader in Commercial Lighting and Wireless Lighting Controls
SYCAMORE, Ill., March 15, 2019 (GLOBE NEWSWIRE) — IDEAL INDUSTRIES, INC. today announced the acquisition of Cree Lighting, which includes the LED lighting fixtures, lamps and intelligent lighting control solutions business for commercial, industrial and consumer applications of Cree, Inc. (CREE – NASDAQ). Cree announced the pending change in ownership in a release earlier this morning. IDEAL also acquires the rights to use and operate under the Cree Lighting™ brand.
Cree Lighting will become a separate operating division of IDEAL and will continue to be led by current management. The transaction is expected to close within the second quarter of 2019.
“We’re very excited to welcome Cree Lighting to the IDEAL family,” said Jim James, Chairman and CEO of IDEAL INDUSTRIES, INC. “We’re acquiring a very special organization poised for sustained success, and we look forward to assisting Cree Lighting in realizing its full potential.”
IDEAL is a family-owned, 103-year-old professionally managed company with deep ties to the electrical industry. IDEAL has a long history of successful innovation and acquisitions and operates from a long-term, generational perspective. Cree Lighting will become IDEAL’s 20th branded operating unit.
Craig Atwater, Senior Vice President and General Manager of Cree Lighting, and the Cree Lighting team will join IDEAL, and the business will continue to operate out of Durham, N.C, Racine, Wis. and other global locations. Over the past two years, Atwater and his team have led the organization’s return to operational and innovative excellence.
“This is a great opportunity for all of us at Cree Lighting, our channel partners and customers,” said Atwater. “The IDEAL family’s commitment to sustainable long-term growth is evident throughout the company’s history. In so many ways, becoming part of the IDEAL family returns Cree Lighting to its earliest foundations and values. Our people and partners are going to see that IDEAL is a strong cultural and strategic fit for Cree Lighting.”
The transaction adds a widely recognized global brand with a reputation for innovation and a strong product line to IDEAL’s portfolio. Cree Lighting also provides the company with a high-performance lighting agency network and sales team, significant manufacturing capability in Racine, Wis., a strong management team and organization, as well as a large share of the growing global commercial lighting market.
“We believe the global commercial lighting market is nearing a transformational phase. Building owners, architects and engineers clearly want large-scale solutions that are smart, sustainable and human. But we see them returning to strong brands like Cree that can consistently and dependably deliver superior performance, customer support and engineering excellence,” said James. “We expect that with our support and expertise, Cree Lighting will thrive throughout these changing market conditions.”
James said he expects the company will find added growth opportunities with Cree Lighting’s SmartCast® Technology and Audacy® wireless control system now installed at Wrigley Field in Chicago, PetCo Park in San Diego, Broncos Stadium at Mile High in Denver and other large-scale venues in the U.S., Europe and New Zealand.
About IDEAL INDUSTRIES, INC.
IDEAL INDUSTRIES, INC. is a global, diversified family business designing and manufacturing superior products and tools for professional tradesmen in the electrical, wire processing, data communications, aerospace, automotive and construction industries. The 103-year-old company was founded in 1916 on the premise of forging ideal relationships with customers, employees and communities. The company has consistently grown and expanded under four generations of family ownership.
Cree is an innovator of Wolfspeed® power and radio frequency (RF) semiconductors, lighting class LEDs and lighting products. Cree’s Wolfspeed product families include SiC materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace. Cree’s LED product families include blue and green LED chips, high-brightness LEDs and lighting-class power LEDs targeted for indoor and outdoor lighting, video displays, transportation and specialty lighting applications. Cree’s LED lighting systems and lamps serve indoor and outdoor applications.
Comments Off on Taipei-Taiwan’s Tourism Bureau is promoting mountain tourism at the 4-day Taipei International Travel Fair that began Friday.
The bureau is focusing on five north-south mountain ranges — the Central Mountain, Xueshan, Yushan, Alishan and the Coastal Mountain ranges — in its pavilion at the fair, said bureau Deputy Director-General Chang Shi-chung (???).
Chang said there will be various exhibitions and forums on the mountains of Taiwan, as well as its unique cultural features such as historic trails and aboriginal lifestyles.
Taiwan is preparing to market 2020 as the Year of Mountain Tourism, after its efforts to position the country as an important international mountaineering destination in July, when the government allowed public access to the island’s national parks.
Previously, people who wanted to visit restricted “ecological protected areas” in Taiwan’s national parks had to apply for permits from both the National Police Agency and the Construction and Planning Agency.
Now, however, the Construction and Planning Agency has launched a new mountain permit application portal that requires mountain visitors to apply for only one permit and provides fast-track processing to expedite applications, the bureau said.
Much of Taiwan is covered by mountains, and it has 268 mountains of over 3,000 meters, according to the Tourism Bureau website.
That environment has made hiking and mountain climbing one of the favorite pastimes of Taiwan residents.
The number of permits issued to Taiwanese citizens and foreign nationals for access to trails in Yushan, Taroko and Shei Pa national parks has risen from 153,736 in 2016 to 187,053 in 2017 and 201,526 in 2018, according to Construction and Planning Agency figures.
In 2018, foreign nationals accounted for 7.24 percent of the permits issued.
There will be around 1,700 booths from 60 countries at the fair, to be held Nov. 8-11 at the Taipei Nangang Exhibition Center.
The fair, the largest of its kind in Taiwan, will feature South Korean and Japanese tourism operators amid growing local interest in travel to those countries.
Source: Focus Taiwan News Channel