In a company statement on Wednesday, CREE confirmed that its LED lighting company will lay off employees, including its factory in Racine, Wisconsin and its North Carolina headquarters.
However, the company spokesperson did not give specific number of layoffs, but the disclosure was only a small-scale layoff.
“We can confirm that the layoffs are mainly concentrated in the factory in Racine.†A company spokesperson said that the number of layoffs at the company's headquarters is very small. The layoffs are only in response to the current market conditions. The Racine plant is still occupying an important position in CREE. Our goal is to expand investment and employment in the future.
For CREE, this year is a very special year.
In the first half of the year, Cree's Wolfspeed was included in Infineon's six months after the announcement of its listing plan. The acquisition also includes the related silicon carbide wafer substrate business for power and RF power devices. The purchase price for this all-cash transaction was $850 million (about 740 million euros).
CREE CEO Chuck Swoboda said: "The sale of wolfspeed to Infineon can quickly become a company that is more focused on LED lighting and provides an important resource for accelerating our growth."
Recently, CREE announced the appointment of Daniel Castillo as the president of the new lighting business, and Castillo is responsible for CREE's commercial and consumer lighting business.
CREE's stock has not been satisfactory to investors in the past year. The data shows that CREE's return over the past year has increased to -1.62%, while the S&P 500's return has increased by 7.32%.
The data shows that the negative rate of return growth is mainly due to CREE's consumer lighting business revenue did not meet expectations, and the growth of power and RF business slowed down. In order to return the LED lighting business to the growth channel, CREE has launched a series of new consumer lighting products.
For CREE, there are also challenges from the rapid changes in the Chinese market.
At the moment when Chinese local chip companies such as Sanan and Huacan are catching up, the CREE, which was once running at high speed, is hard to get rid of the dilemma of slowing growth. What's more, the device business of Philips and Osram is sending out information about finding buyers.
What is more challenging is that in recent years, China's local LED companies have set off a wave of overseas acquisitions. This is likely to bring greater challenges to many multinational companies that have the advantages of technology, patents and overseas channels.
“Taking street lamps as an example, two or three years ago, streetlight companies generally designated devices using foreign brands such as Philips and CREE, but now local companies such as Sanan and Huacan have already integrated with these international brands in terms of product technology. Price advantage." An industry source said.
Recently, Shao Jiaping, general manager and technical director of CREE China, joined Osram Opto Semiconductors as the head of general lighting business sales in Greater China. According to informed sources close to CREE, the new head of China is not yet in place.
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