Cree buys ATMI’s GaN business

March 25, 2004 – Cree Inc., Durham, NC, has acquired the gallium nitride (GaN) substrate and epitaxy business of Advanced Technology Materials Inc. (ATMI), Danbury, CT, for an undisclosed cash amount.

Cree president and CEO Chuck Swoboda said the purchase will complement Cree’s silicon carbide and GaN materials business, as well as add IP to the company’s optoelectronic, materials, and microwave patent portfolios.

The deal, expected to close in Cree’s fiscal 4Q04 ending in June, represents “a modest premium over book value,” according to ATMI CFO Dan Sharkey.

ATMI CEO Gene Banucci added that the sale is the first phase of the company’s planned disposition of its six technologies businesses. “It’s a good deal for ATMI strategically, and it’s probably an even better deal for Cree,” he added.


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