DURHAM, N.C. — Cree, a developer of semiconductor and light-emitting diode (LED) products, has landed a supply contract worth “at least” $40 million with a South Korean firm.

Cree said Tuesday that Seoul Semiconductor had agreed to purchase LED products over the next five quarters. Subsequent deals will be negotiated on an annual basis, the company said. The overall sales agreement last through Cree’s fiscal year 2011.

Cree and Seoul Semiconductor also struck a licensing deal for a patent covering white LED technology that the Korean firm will use.

CREE: www.cree.com