Cree paid $10.25 million to acquire Advanced Technology Materials, the company disclosed on Tuesday.
The deal had been announced on March 25.
Advanced Technology Materials is a subsidiary of ATMI, Inc.
Chuck Swoboda, chief executive officer of Cree, said the purchase of intellectual property, fixed assets and inventory will help Cree expand its offerings in a number of areas.
“This acquisition will bring us a strong technical team along with core technology in the GaN substrate and epitaxy areas that could be important longer term for lasers and microwave devices,” he said in a statement. “We also acquired 17 U.S. patents and additional patent applications which complement our existing intellectual property portfolio. These patents include a pioneering U.S. patent for white LEDs (light-emitting diodes) and related technology which should strengthen our XLamp(TM) business and help Cree drive the market for LED-based lighting.”
Cree (Nasdaq: CREE) stock closed at $22.16, down 34 cents, on Tuesday.
Cree develops advanced semiconductors using silicon carbide (SiC), gallium nitride (GaN) and silicon (Si) materials. Its products range from blue, green and near ultraviolet LEDs to lasers, radio frequency, microwave and power switching devices.
The company will announce its quarterly earnings on April 15 after the markets close.