After Philips and GE, Cree has also announced its permanent parting with LED and the lighting industry.
Cree announced on October 20th that the company has reached a final agreement with SMART Global Holdings, Inc., and plans to sell its LED department (Cree LED) to SMART for US$300 million, which includes an advance of US$50 million, a deferred payment of US$125 million, and an earn-out of US$125 million.