SMART Global Holdings, Inc. (“SGH” or “SMART” or the “Company”) (NASDAQ: SGH), today announced that it has completed its acquisition of Cree, Inc.’s (NASDAQ:CREE) Cree LED Products business unit (“Cree LED”).
“The closing of our acquisition of Cree LED represents an important milestone in our growth and diversification strategy,” said Mark Adams, President & CEO of SMART Global Holdings. “Cree LED’s focus on specialty lighting fits well with our other specialty businesses in computing and memory. Cree LED brings outstanding customer relationships, industry leading technology and product development capabilities, plus expansive R&D expertise and strong IP with more than 2,000 patents. In addition, we feel the Cree LED acquisition represents great value for our shareholders offering strong margins and cash flow while being accretive to our non-GAAP EPS. We are excited to welcome the global team members at Cree LED to the SGH family.”
Cree LED will operate as the Cree LED business unit of SGH and will be led by Claude Demby as Senior Vice President (SVP) and President of Cree LED. Mr. Demby most recently served as SVP and General Manager of Cree LED. He joined Cree in 2014 and has held a number of leadership positions including VP Business Development, VP and GM of the LED Chips and Materials business, and SVP of Corporate Development. He brings more than 25 years of executive leadership experience across the LED, automotive, aerospace and materials technology industries.
“Today Cree LED embarks on an exciting new chapter as part of SGH,” commented Mr. Demby, SVP and President of Cree LED. “Leveraging SGH’s successful track record of integrating companies and unlocking margin and revenue growth, we look forward to continuing to deliver best-in-class specialty lighting solutions.”
SGH will review the Cree LED acquisition in more detail during its next quarterly earnings call to discuss second quarter fiscal 2021 financial results in late March. Details on the date and dial-in information for the call will be released prior to the call date.