May 9, 2006 – Cree Inc., Durham, NC, has signed a five-year agreement to supply LEDs to Seoul Semiconductor Co. Ltd., which will purchase at least $40 million of the products during the first five quarters of the contract. Purchase commitments for subsequent periods will be negotiated annually. The two also have signed an agreement licensing Cree’s white LED technologies to Seoul Semiconductor.
“Our success to date has been mostly focused on design wins in the Korean market, and we look to further expand this success on a worldwide scale over the next several years,” commented Chuck Swoboda, Cree’s chairman and CEO.
Reaching this long-term supply agreement with Cree provides access to leading LED technology. Our partnering on wider technologies paves the way for added success in future applications,” added Chung H. Lee, Seoul Semiconductor’s president.